Cairo: Egypt has jumped six places to 114th out of 190 countries in the World Bank’s 2020 business rankings, from 120th in the 2019 report.
“The Arab Republic of Egypt made starting a business easier by abolishing the requirement to obtain a certificate of nonconfusion and improving its one-stop shop.” the World Bank said in its “Doing Business 2020” report released on Thursday.
The report said Egypt’s reforms had adopted improved the investment climate and facilitated procedures in four core areas, including enterprise establishment. This made Egypt improve 19 spots globally.
Egypt has also advanced six spots in acquiring electricity index due to notable reforms it implemented, including electricity infrastructure improvement and declining electricity delivery for beneficiaries.
“Egypt improved the reliability of electricity supply by implementing automated systems to monitor and report power outages.” the report added.
The North African country has climbed 15 spots in small investors’ protection given the legislation and decrees that protect them.
“Egypt strengthened minority investor protections by requiring shareholder approval when listed companies issue new shares.”
The report also showed that Egypt has improved three spots, compared to last year, in taxes payment. The country had adopted a new electronic system for the application of value-added and income tax acknowledgements, electronic payment of disbursements.
The new electronic system, according to the report, has eased the way investors deal with the taxation system.
“Egypt made paying taxes easier by implementing an online system for filing and payment of corporate income tax and value-added tax.”
The report also placed Egypt among the top 25 countries in the world regarding the number of reforms.
The economies that showed the most notable improvement were Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria, according to the report. Source: Amwal Alghad
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