By APD writer Melo M. Acuna
MANILA, Nov. 01(APD) – World Bank said China is among this year’s top 10 “improvers” as it gained more than 30 positions reached the top 50 as it placed 46th.
In a statement released today, China has the second highest number of reforms per economy in Doing Business 2019 with seven reforms. World Bank credited China for dealing with construction permits less cumbersome by streamlining the process of obtaining a building permit, and also made getting electricity easier in Beijing and Shanghai by expanding network capacity so that all connections of power loads of 160kW or less are now made directly to the low voltage network and free of charge.
A new mobile application was introduced for customers and reduced the time to obtain an electricity connect to 34 days from 143 days. It also abolished the business tax, allowing for joint filing ad payment of all stamp duties by implementing several administrative reforms to lower the compliance time.
According to the World Bank, China also strengthened minority investor protection by increasing shareholders’ rights and role in major corporate decisions, clarifying ownership and control structures, and requiring reimbursement of legal expense incurred by shareholders. Other reforms in China included making it easier to start a business, trade across borders and register property.
Malaysia implemented six reforms and made starting a business easier by introducing an online registration system for the goods and service tax. According to the WB statement, Malaysia made property transfer simpler by implementing an online single window platform to carry out property searches.
Thailand was acknowledged for making tax payments easier by enhancing its online platform calculating and filing corporate income tax.
Indonesia, the Philippines and Vietnam had three multiple reforms.
Singapore placed second while Hong Kong placed 4th among 190 countries. It will be recalled the Philippines’ Departments of Finance and Trade and Industry objected to the findings which placed the country’s rank to 124th.
(ASIA PACIFIC DAILY)