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Jamaica Falls In Doing Business Rankings

by Mike Godfrey, Tax-News.com, New York

01 November 2013


Jamaica has fallen three places in the World Bank's 2014 Doing Business rankings, despite progress made in improving tax legislation.

The Caribbean country now ranks 94 in the list, having declined for seven consecutive years from 43rd place in 2006.

In one of the key sub-rankings, ease of paying taxes, Jamaica retained its position from the previous year, although it was still one of the worst performers at 168 out of 189 countries.

Despite Jamaica's overall weak performance in the Doing Business rankings, the World Bank found that it led the Caribbean area in terms of reforms. The country made improvements to its business regulatory environment in the past year, including lowering the corporate income tax rate.

On the other hand Jamaica increased vehicle and asset taxes and made the transfer of property more difficult by increasing the transfer tax and stamp duty.

St Lucia is the highest ranking Caribbean Community member in the list at 64, and Haiti is the lowest ranking member at 177.

TAGS: environment | tax | business | Jamaica | legislation | stamp duty

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