TODAY’S – Turkey falls 4 places in ‘Doing Business 2015’ ranking of WB

Turkey falls 4 places in ‘Doing Business 2015′ ranking of WBTurkey declined by 4 places in the World Bankand#39s andquotDoing Business 2015andquot index, which measures the ease of doing business in 189 different countries, a report released by the bank on Wednesday revealed.Turkey was ranked 55th out of 189 countries in terms of ease of doing business for 2015.

It was in 51th place for 2014.The report noted that increases in the social security premium payments of employers, notary fees and registration fees which firms in Turkey are required to pay in order to obtain registration documents hampered the ease of starting a business in the country.

Nonetheless, the introduction of an electronic system for court transactions was beneficial in terms of enforcement of business contacts, according to the report.Underlining that increases in social security contributions made paying taxes more costly for employers, the World Bankand#39s annual report stated that transferring court files to an electronic system has been a great comfort.

The report also highlighted that introducing an electronic system for court transactions is the most common type of reform for improving the business environment. While it speeds up the transaction process, it limits the possibility of corruption in business transactions as well as ensuring transparency, the report states.

In the sub-categories of the index, Turkey ranked 79th in the category for starting a new business, where firms need to undertake seven procedures. It was realized a great decline in this category that Turkey fell 15 spots compared to last yearand#39s ranking.

It was in 64th place last year The time to complete all these procedures is six-and-a-half days according to the report and the cost of starting a business is calculated as 16 percent of average per capita income in Turkey. The minimum capital that an entrepreneur needs to launch a business is equivalent to 12 percent of average per capita income, the same report says.

The most surprising ranking for Turkey was observed in the category of ease to obtain a construction permit. Even though Turkey has experienced a widespread construction frenzy in recent years, the country ranked 136th out of 189, which means it is harder to obtain a construction permit in Turkey than in 135 countries.

It takes 169 days to obtain a construction permit in Turkey and firms are required to comply with 18 different procedures, according to the report.The World Bank releases its Doing Business index every year Singapore has been ranked the top in this yearand#39s ranking, as has been the case for the last nine consecutive years.

New Zealand came in second and Hong Kong third. Denmark, South Korea, Norway, the United Kingdom, the US, Finland and Australia followed the first three.

However, Eritrea, Libya, the Central African Republic were placed at the bottom of the list.

SOURCE: Today’s Zaman

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