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Eastern Europe & Central Asia
(ECA)
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2011 The International Bank for Reconstruction and Development / The World Bank
1818 H Street NW
Washington, DC 20433
Telephone 202-473-1000
Internet www.worldbank.org
All rights reserved.
1 2 3 4 08 07 06 05
A copublication of The World Bank and the International Finance Corporation.
This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions
expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the
governments they represent. The World Bank does not guarantee the accuracy of the data included in this work.
Rights and Permissions
The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without
permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will
normally grant permission to reproduce portions of the work promptly.
For permission to photocopy or reprint any part of this work, please send a request with complete information to the
Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone 978-750-8400; fax
978-750-4470; Internet www.copyright.com.
All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the
Publisher,The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax 202-522-2422; e-mail
Additional copies ofDoing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010:
Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to
Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and
Doing Business in 2004:Understanding Regulations may be purchased at www.doingbusiness.org.
ISBN: 978-0-8213-7960-8
E-ISBN: 978-0-8213-8630-9
DOI: 10.1596/978-0-8213-7960-8
ISSN: 1729-2638
Library of Congress Cataloging-in-Publication data has been applied for.
Printed in the United States
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Contents
Introduction
and Aggregate Rankings 1
Starting a Business 3
Dealing with
Construction Permits 7
Registering Property 11
Getting Credit 15
Protecting Investors 19
Paying Taxes 22
Trading Across Borders 26
Enforcing Contracts 32
Closing a Business 36
5- Year Measure ofCumulative Change 40
Doing Business 2011
Business Reforms 41
Current featuresNews on the Doing Business project
http://www.doingbusiness.org
Rankings
How economies rank-from 1 to 183
http://www.doingbusiness.org/rankings/
Business reformersShort summaries of DB2011 business reforms, lists of reformers
since DB2004 and a ranking simulation tool
http://www.doingbusiness.org/reforms/
Historical data
Customized data sets since DB2004
http://www.doingbusiness.org/custom-query/
Methodology and research
The methodologies and research papers underlyingDoing Business
http://www.doingbusiness.org/Methodology/
Download reportsAccess toDoing Business reports as well as subnational and regional
reports, reform case studies and customized country and regional
profiles
http://www.doingbusiness.org/reports/
Subnational and regional projects
Differences in business regulations at the subnational and regional
level
http://www.doingbusiness.org/subnational-reports/
Law libraryOnline collection of business laws and regulations relating to
business and gender issues
http://www.doingbusiness.org/law-library/
http://wbl.worldbank.org/
Contributors
More than 8,200 specialists in 183 economies who participate in
Doing Business
http://www.doingbusiness.org/contributors/Doing-Business/
Business PlanetInteractive map on the ease of doing business
http://rru.worldbank.org/businessplanet
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1
Doing Business 2011: Making a difference for entrepreneurs is the eighth in a series of annual reports investigating regulations
that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulationsand the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time.
A set of regulations affecting 9 stages of a business s life are measured: starting a business, dealing with construction permits,
registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a
business. Data inDoing Business 2011 are current as of June 1, 2010*. The indicators are used to analyze economic outcomes and
identify what reforms have worked, where, and why.
TheDoing Business methodology has limitations. Other areas important to business such as an economy s proximity to large
markets, the quality of its infrastructure services (other than those related to trading across borders), the security of property from
theft and looting, the transparency of government procurement, macroeconomic conditions or the underlying strength of
institutions, are not studied directly byDoing Business. To make the data comparable across economies, the indicators refer to a
specific type of business, generally a local limited liability company operating in the largest business city. Because standard
assumptions are used in the data collection, comparisons and benchmarks are valid across economies. The data not only highlight
the extent of obstacles to doing business; they also help identify the source of those obstacles, supporting policymakers in
designing reform.
The data set covers 183 economies: 46 in Sub-Saharan Africa, 32 in Latin America and the Caribbean, 25 in Eastern Europe and
Central Asia, 24 in East Asia and Pacific, 18 in the Middle East and North Africa and 8 in South Asia, as well as 30 OECD
high-income economies as benchmarks.
The following pages present the summaryDoing Business indicators for Eastern Europe & Central Asia (ECA) . The data used for
this economy profile come from theDoing Business database and are summarized in graphs. These graphs allow a comparison of
the economies in each region not only with one another but also with the good practice economy for each indicator.
The good-practice economies are identified by their position in each indicator as well as their overall ranking and by their capacity
to provide good examples of business regulation to other countries. These good-practice economies do not necessarily rank
number 1 in the topic or indicator, but they are in the top 10.
More information is available in the full report.Doing Business 2011: Making a difference for entrepreneurspresents the
indicators, analyzes their relationship with economic outcomes and recommends reforms. The data, along with information on
ordering the report, are available on theDoing Business website (www.doingbusiness.org).
* Except for the Paying Taxes indicator, which covers the period January to December of 2009.
Note: Doing Business 2010 data and rankings have been recalculated to reflect changes to the methodology.
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Economies are ranked on their ease of doing business, from 1 - 183, with first place being the highest. The
ease of doing business index averages the economy's percentile rankings on 9 topics, made up of a variety of
indicators, giving equal weight to each topic. The rankings are from the Doing Business 2011: Making a
Difference for Entrepreneurs report, covering the period June 2009 to June 2010.
* Singapore is shown as a benchmark.
Eastern Europe & Central Asia (ECA) - Aggregate rankings
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3
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Procedures to start a business
This graph compares the number of procedures required before an entrepreneur can operate a business. * An economy with the fewest procedures is
included as a benchmark.
Time to start a business (days)
This graph compares the number of days required before an entrepreneur can operate a business. * The economy requiring the least time is included as a
benchmark.
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Cost to start a business (% of income per capita)
This graph compares the costs to start a business. * An economy with the lowest cost is included as a benchmark.
Paid in Minimum capital to start a business (% of income per capita)
This graph compares the minimum capital an entrepreneur has to deposit before starting a business. * An economy with the lowest cost is included as a
benchmark. 80 economies do not have minimum capital requirements. They are listed on the Doing Business website.
5
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Starting a Business Across Regions
Paid in Minimum
Capital
(% of income
Cost
(% of income
per capita)
Time
(days)
Procedures
(number)Region
Eastern Europe & Central Asia (ECA) 6.3 16.3 8.5 12.3
East Asia & Pacific (EAP) 7.8 39.0 27.1 50.6
European Union (EU) 5.9 14.6 5.7 18.4
Latin America 10.5 43.6 35.9 3.8
Middle East & North Africa (MENA) 8.1 20.0 38.0 104.0
Organization for Economic Co-Operation and
Development (OECD)
5.6 13.8 5.3 15.3
Average Number of Procedures to Start a Business (number)
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7
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Procedures to deal with construction permits
This graph compares the number of procedures required for an entrepreneur to deal with construction permits. * The economy with the fewest
procedures is included as a benchmark.
Time to deal with construction permits (days)
This graph compares the number of days required for an entrepreneur to deal with construction permits. * The economy requiring the least time is
included as a benchmark.
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Cost to deal with construction permits (% of income per capita)
This graph compares the costs to deal with construction permits. * The economy with the lowest cost is included as a benchmark.
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Dealing with Construction Permits Across Regions
Cost
(% of income
per capita)
Time
(days)
Procedures
(number)Region
Eastern Europe & Central Asia (ECA) 22.0 250.1 645.5
East Asia & Pacific (EAP) 19.0 167.2 168.7
European Union (EU) 17.0 199.2 77.4
Latin America 19.0 201.4 243.4
Middle East & North Africa (MENA) 19.0 151.9 409.7
Organization for Economic Co-Operation and
Development (OECD)
16.0 166.3 62.1
Average Time to Deal with Construction Permits (days)
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Procedures to register property
This graph compares the number of procedures required for an entrepreneur to register a property. * An economy with the fewest procedures is included
as a benchmark.
Time to register property (days)
This graph compares the number of days required for an entrepreneur to register a property. * An economy with the least time is included as a
benchmark.
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Cost to register property (% of property values)
This graph compares the costs to register a property. * The economy with the lowest cost is included as a benchmark.
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Registering Property Acoss Regions
Cost
(% of property value)
Time
(days)
Procedures
(number)Region
Eastern Europe & Central Asia (ECA) 5.6 38.3 2.4
East Asia & Pacific (EAP) 4.7 82.6 3.9
European Union (EU) 5.0 35.2 4.8
Latin America 6.9 43.9 3.7
Middle East & North Africa (MENA) 6.0 32.5 5.7
Organization for Economic Co-Operation and
Develo ment OECD
4.8 32.7 4.4
Average Cost to Register a Property (% of propery value)
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15
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Credit Information
Economy
Public registry
coverage
(% of adults)
Private bureau
coverage
(% of adults)
Depth of credit
information
index (0-6)
* United Kingdom 6 0.0 100.0
* Portugal 5 67.1 16.3
* New Zealand 5 0.0 100.0
Bulgaria 6 37.0 13.1
Lithuania 6 20.0 67.8
Georgia 6 0.0 16.4
Azerbaijan 5 7.0 0.0
Latvia 5 57.2 0.0
Belarus 5 33.5 0.0
Bosnia and Herzegovina 5 30.2 47.2
Turkey 5 18.3 42.2
Armenia 5 16.9 38.3
Romania 5 13.0 33.3
Kazakhstan 5 0.0 29.9
Estonia 5 0.0 22.4
Russian Federation 5 0.0 14.4
Serbia 5 0.0 100.0
Albania 4 8.3 0.0
Macedonia, FYR 4 39.4 0.0
Kosovo 4 16.9 0.0
Croatia 4 0.081.2
Uzbekistan 3 4.5 3.3
Kyrgyz Republic 3 0.0 11.9
Ukraine 3 0.0 10.1
Montenegro 2 26.7 0.0
Cyprus 0 0.0 0.0
Moldova 0 0.0 0.0
Tajikistan 0 0.0 0.0
* The economies with the highest public and private bureau coverage, and with the highest credit information index are included as
benchmarks.
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Strength of legal rights index (0-10)
This graph compares collateral and bankruptcy laws in the way they facilitate lending by protecting the rights of borrowers and lenders. * An economy
with the highest index is included as a benchmark.
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Getting Credit Across Regions
Depth of credit
information index
(0-6)
Strength of legal
rights index
(0-10)Region
Eastern Europe & Central Asia (ECA) 4.0 6.6
East Asia & Pacific (EAP) 2.1 6.1
European Union (EU) 4.5 6.8
Latin America 5.3 4.4
Middle East & North Africa (MENA) 3.3 3.0
Organization for Economic Co-Operation and
Development (OECD)
4.7 6.9
Average Depth of Credit Information Index (0-6)
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Strength of investor protection index (0-10)
This graph compares the extent of disclosure, extent of director liability and ease of shareholder suits. * The economy with the highest index is included
as a benchmark.
20
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Protecting Investors Across Regions
Ease of
shareholder
suits index
(0-10)
Extent of
director
liability index
(0-10)
Extent of
disclosure
index (0-10)
Strength of
investor
protection index
(0-10)
Region
Eastern Europe & Central Asia (ECA)5.56.3 4.0 6.2
East Asia & Pacific (EAP)5.35.2 4.5 6.3
European Union (EU)5.65.9 4.4 6.4
Latin America
4.84.3 4.6 5.6
Middle East & North Africa (MENA)4.86.3 4.6 3.4
Organization for Economic Co-Operation and
Development (OECD)6.06.0 5.2 6.8
Average Extent of Disclosure Index (0-10)
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Payments (number per year)
This graph compares the number of payments required for an entrepreneur to pay taxes. * An economy requiring the least number of payments is
included as a benchmark.
Time to pay taxes (hours per year)
This graph compares the time in hours required for an entrepreneur to pay taxes. * The economy with the least amount of time is included as a
benchmark.
23
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Total tax rate (% of profit)
This graph compares the total tax rate that an entrepreneur is required to pay as a percentage of profit. * The economy with the lowest tax rate is
included as a benchmark.
24
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Paying Taxes Across Regions
Total tax rate
(% of profit)
Time
(hours per year)
Payments
(number per year)Region
Eastern Europe & Central Asia (ECA) 41.7 313.9 41.2
East Asia & Pacific (EAP) 24.5 218.2 35.4
European Union (EU) 17.5 221.8 44.2
Latin America 33.1 557.1 53.5
Middle East & North Africa (MENA) 21.6 194.1 32.8
Organization for Economic Co-Operation and
Development (OECD)
14.2 199.3 43.0
Average Number of Payments (per year)
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Documents to export
This graph compares the number documents required before an entrepreneur can export. * The economy requiring the fewest number of documents is
included as a benchmark.
Time to export (days)
This graph compares the number of days required before an entrepreneur can export. * An economy with the least amount of time to export is included
as a benchmark.
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Cost to export (US$ per container)
This graph compares the costs for an entrepreneur to export. * The economy with the lowest cost to export is included as a benchmark.
Documents to import
This graph compares the number of documents required before an entrepreneur can import. * The economy requiring the fewest number of documents is
included as a benchmark.
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Time to import (days)
This graph compares the number of days required before an entrepreneur can import. * The economy with the least time to import is included as a
benchmark.
Cost to import (US$ per container)
This graph compares the costs for an entrepreneur to import. * The economy with the lowest cost to import is included as a benchmark.
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Trading Across Borders Across Regions
(Export)
Costs to export
(US$ per container)
Time to export
(days)
Documents to
export (number)Region
Eastern Europe & Central Asia (ECA) 6.4 26.7 1,651.7
East Asia & Pacific (EAP) 6.4 22.7 889.8
European Union (EU) 4.5 11.5 1,025.3
Latin America 7.1 19.0 1,310.6
Middle East & North Africa (MENA) 6.4 20.4 1,048.9
Organization for Economic Co-Operation and
Development (OECD)
4.4 10.9 1,058.7
Average Time to Export (days)
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Trading Across Borders Across Regions
(Import)
Cost to import
(US$ per container)
Time to import
(days)
Documents to
import (number)Region
Eastern Europe & Central Asia (ECA) 7.6 28.1 1,845.4
East Asia & Pacific (EAP) 6.9 24.1 934.7
European Union (EU) 5.3 12.1 1,086.5
Latin America 7.5 22.0 1,441.1
Middle East & North Africa (MENA) 7.5 24.2 1,229.3
Organization for Economic Co-Operation and
Development (OECD)
4.9 11.4 1,106.3
Average Time to Import (days)
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Procedures to enforce a contract
This graph compares the number of days it takes to recover a commercial debt through the courts. * The economy requiring the least time is included as
a benchmark.
Time to enforce a contract (days)
This graph compares the number of days it takes to recover a commercial debt through the courts. * The economy with the least time is included as a
benchmark.
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Cost to enforce a contract (% of claim)
This graph compares the costs it takes to recover a commercial debt through the courts. * The economy with the lowest cost is included as a benchmark.
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Enforcing Contracts Across Regions
Cost
(% of claim)
Time
(days)
Procedures
(number)Region
Eastern Europe & Central Asia (ECA) 37.3 402.2 26.7
East Asia & Pacific (EAP) 37.3 531.8 48.5
European Union (EU) 31.8 548.9 20.7
Latin America 37.0 711.6 30.1
Middle East & North Africa (MENA) 43.9 664.1 23.6
Organization for Economic Co-Operation and
Development (OECD)
31.2 517.5 19.2
Average Time to Enforce a Contract (days)
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Time to go through insolvency (years)
This graph compares the number of years it takes to go through an insolvency process. * The economy with the least time is included as a benchmark.
Cost of insolvency (% of estate)
This graph compares the costs needed to go through an insolvency process. * An economy with the lowest cost is included as a benchmark. Colombia,
Kuwait, and Norway also have the lowest costs to go through an insolvency process.
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Recovery rate (cents on the dollar)
This graph compares the recovery rate after an insolvency process. * The economy with the highest recovery rate is included as a benchmark.
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Closing a Business Across Regions
Recovery rate
(cents of the dollar)
Cost
(% of estate)
Time
(years)Region
Eastern Europe & Central Asia (ECA) 2.9 13.4 31.3
East Asia & Pacific (EAP) 2.7 23.2 28.6
European Union (EU) 1.9 10.6 59.3
Latin America 3.2 13.9 30.4
Middle East & North Africa (MENA) 3.4 13.6 29.4
Organization for Economic Co-Operation and
Development (OECD)
1.7 9.1 69.1
Average Time to Close a Business (years)
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The 5-year measure of cumulative change illustrates how the business regulatory environment has changed in 174 economies* from
Doing Business 2006toDoing Business 2011. Instead of highlighting which countries currently have the most business friendly
environment, this new approach shows the extent to which an economys regulatory environment for business has changed comparedwith 5 years ago.
This snapshot reflects all cumulative changes in an economys business regulation as measured by the Doing Business indicators --
such as a reduction in the time to start a business thanks to a one-stop shop or an increase in the strength of investor protection index
thanks to new stock exchange rules that tighten disclosure requirements for related-party transactions.
This figure shows the distribution of cumulative change across the 9 indicators and time between Doing Business 2006andDoing
Business 2011
-0.10
0.00
0.10
0.20
0.30
0.40
0.50
0.60
Georgia
Belar
us
Kyrgyz
Republic
Croatia
Kazakh
stan
Macedonia
,FYR
Ukraine
Alba
nia
Tajikist
an
Uzbekis
tan
Azerbaija
n
Arme
nia
Bosnia
andH
erzegovin
a
Russian
Federation
Serbia
Roma
nia
Bulga
ria
Turke
y
Moldo
vaLatvi
a
Lithu
ania
Eston
ia
Doing
business has
become
easier
Doing
business has
become
more difficult
or more
costly
DB change score
Note: This year's DB change score ranges from -0.1 to 0.54. More details on how the DB change score is constructed can be found
in the methodology section of the website.
* Bahrain, The Bahamas, Brunei, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar do not feature in the new metric
because they were included in theDoing Business report in years subsequent to the Doing Business 2005 report and hence, 5 years
of data are not yet available.
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Since 2004Doing Business has been tracking reforms aimed at simplifying business regulations, strengthening
property rights, opening access to credit and enforcing contracts by measuring their impact on 10 indicator sets*.
Nearly 1,000 reforms have had an impact on these indicators. Doing Business 2011, covering June 2009 to June 2010,
reports that 117 economies implemented 216 reforms to make it easier to start a business. 64% of economies measured
by Doing Business have reformed this year, focusing on easing business start-up, lightening the tax burden,
simplifying import and export regulations and improving credit information systems.
The top 10 most-improved inDoing Business 2011
Economy
ClosingaBusiness
EnforcingContracts
TradingAcrossBorders
PayingTaxes
ProtectingInvestors
GettingCredit
RegisteringProperty
Dealingwith
ConstructionPermits
StartingaBusiness
Kazakhstan
Rwanda
Peru
Vietnam
Cape Verde
Tajikistan
Zambia
Hungary
Grenada
Brunei Darussalam
Note:* ForDoing Business2011 the Employing Workers indicator is not included in the aggregate ease of doing
business ranking.
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Changes to business regulation 2009/2010 in Eastern Europe & Central Asia
(ECA)
Negative Change
Positive Change
EconomyClosingaBusiness
EnforcingContracts
TradingAcrossBorders
PayingTaxes
ProtectingInvestors
GettingCredit
RegisteringProperty
DealingwithCnstruction
Permits
StartingaBusiness
Albania
Armenia
Azerbaijan
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
Estonia
Georgia
Kazakhstan
Kosovo
Kyrgyz Republic
Latvia
Lithuania
Macedonia, FYR
Moldova
Montenegro
Romania
Russian Federation
Serbia
Tajikistan
Turkey
UkraineUzbekistan
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Summary of changes to business regulation in Eastern Europe & Central Asia
(ECA) inDoing Business 2011
Albania made it easier and less costly for companies to pay taxes by amending several laws, reducing social security
contributions and introducing electronic filing and payment.
Armenia made trading easier by introducing self-declaration desks at customs houses and warehouses, investing in
new equipment to improve border operations and introducing a risk management system.
Azerbaijan improved access to credit by establishing an online platform allowing financial institutions to provideinformation to, and retrieve it from, the public credit registry. A revision of Azerbaijans tax code lowered several tax
rates, including the profit tax rate, and simplified the process of paying corporate income tax and value added tax.
Belarus enhanced access to credit by facilitating the use of the pledge as a security arrangement and providing for
out-of-court enforcement of the pledge on default. Reductions in the turnover tax, social security contributions and the
base for property taxes along with continued efforts to encourage electronic filing made it easier and less costly for
companies in Belarus to pay taxes. Belarus reduced the time to trade by introducing electronic declaration of exports
and imports. Belarus amended regulations governing the activities of insolvency administrators and strengthened the
protection of creditor rights in bankruptcy.
Bosnia and Herzegovina reduced delays in property registration at the land registry in Sarajevo. Bosnia and
Herzegovina simplified its labor tax processes, reduced employer contribution rates for social security and abolished
its payroll tax.
Bulgaria eased business start-up by reducing the minimum capital requirement from 5,000 leva ($3,250) to 2 leva
($1.30). Bulgaria reduced employer contribution rates for social security.
Croatia eased business start-up by allowing limited liability companies to file their registration application with the
court registries electronically through the notary public. Croatia replaced the location permit and project design
confirmation with a single certificate, simplifying and speeding up the construction permitting process.
Estonia made dealing with construction permits more complex by increasing the time for obtaining design criteria
from the municipality. Estonia improved access to credit by amending the Code of Enforcement Procedure and
allowing out-of-court enforcement of collateral by secured creditors. Estonia increased the unemployment insurance
contribution rate. Amendments to Estonias recent insolvency law increased the chances that viable businesses will
survive insolvency by improving procedures and changing the qualification requirements for insolvency
administrators.
Georgia improved access to credit by implementing a central collateral registry with an electronic database accessibleonline. Georgia strengthened investor protections by allowing greater access to corporate information during the trial.
Georgia made the enforcement of contracts easier by streamlining the procedures for public auctions, introducing
private enforcement officers and modernizing its dispute resolution system. Georgia improved insolvency proceedings
by streamlining the regulation of auction sales.
Kazakhstan eased business start-up by reducing the minimum capital requirement to 100 tenge ($0.70) and
eliminating the need to have the memorandum of association and company charter notarized. Kazakhstan made
dealing with construction permits easier by implementing a one-stop shop related to technical conditions for utilities.
Kazakhstan strengthened investor protections by requiring greater corporate disclosure in company annual reports.
Kazakhstan speeded up trade through efforts to modernize customs, including implementation of a risk management
system and improvements in customs automation.
Kosovo made business start-up more difficult by replacing the tax number previously required with a fiscal number,
which takes longer to issue and requires the tax administration to first inspect the business premises.
The Kyrgyz Republic eased business start-up by eliminating the requirement to have the signatures of company
founders notarized. The Kyrgyz Republic streamlined insolvency proceedings and updated requirements for
administrators, but new formalities added to prevent abuse of proceedings made closing a business more difficult.
Latvia reduced the time to export and import by introducing electronic submission of customs declarations. Latvia
introduced a mechanism forout-of-court settlement of insolvencies to alleviate pressure on courts and tightened some
procedural deadlines.
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Lithuania tightened the time limit for completing the registration of a company. Lithuanias private credit bureau now
collects and distributes positive information on borrowers. Lithuania reduced corporate tax rates. Lithuania reduced
the time to import by introducing, in compliance with EU law, an electronic system for submitting customs
declarations. Lithuania introduced regulations relating to insolvency administrators that set out clear rules of liability
for violations of law.
FYR Macedonia made it easier to start a business by further improving its one-stop shop. FYR Macedonia lowered
tax costs for businesses by requiring that corporate income tax be paid only on distributed profits.
Moldova reduced employer contribution rates for social security.
Montenegro eliminated several procedures for business start-up by introducing a single registration form for
submission to the tax administration. An amendment to Montenegros corporate income tax law removed the
obligation for advance payments and abolished the construction land charge. Montenegros customs administration
simplified trade by eliminating the requirement to present a terminal handling receipt for exporting and importing.
Romania amended regulations related to construction permitting to reduce fees and expedite the process. Romania
introduced tax changes, including a new minimum tax on profit, that made paying taxes more costly for companies.
Substantial amendments to Romanias bankruptcy lawsintroducing, among other things, a procedure for
out-of-court workoutsmade dealing with insolvency easier.
Russia eased construction permitting by implementing a single window for all procedures related to land use. Russia
introduced a series of legislative measures in 2009 to improve creditor rights and the insolvency system.
Serbia passed a new bankruptcy law that introduced out-of-court workouts and a unified reorganization procedure.
Tajikistan made starting a business easier by creating a one-stop shop that consolidates registration with the state and
the tax authority. Tajikistan strengthened investor protections by requiring greater corporate disclosure in the annual
report and greater access to corporate information for minority investors. Tajikistan lowered its corporate income tax
rate.
Ukraine eased business start-up by substantially reducing the minimum capital requirement. Ukraine made dealing
with construction permits easier by implementing national and local regulations that streamlined procedures. Ukraine
eased tax compliance by introducing and continually enhancing an electronic filing system for value added tax.
Uzbekistan increased all fees for procedures relating to construction permits.
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