Jamaica Ranks in Ten Most Improved Economies Globally
The recently released Doing Business Report 2016 by the World Bank has ranked Jamaica’s economy in the top ten most improved economies worldwide.
Jamaica has also improved its ranking in the Latin America and the Caribbean region.
According to the JIS this movement is attributed to Jamaica’s implementation of four major reforms over the past year.
These reforms include ease of paying taxes with the introduction of the online system – RAiS; the introduction of Employment Tax Credit, increasing depreciation rate for industrial buildings and making insolvency proceedings easier by establishing an Insolvency office to facilitate general administration.
Jamaica also excelled in the areas of Getting Credit and in Starting a Business, where now incorporating a business takes a minimum of three days and two interactions with government agencies.
The 2016 Doing Business Report also highlighted Jamaica as being one of two countries in the Caribbean that have made tax compliance easier for businesses.
Source: JIS