According to the World Bank’s Doing Business report, Cyprus was among the world’s top ten countries that improved their business practices in the last year.
Cyprus has moved up 13 places in the overall 2016 Ease of Doing Business, ranking 47th out of 189 countries. As regards Cyprus’ Distance from Frontier, the overall percentage increased to 71.78% compared to 67.37% last year.
It was also among the top ten economies which implemented at least three reforms, including enforcement of contracts, resolving insolvency, getting electricity, getting credit and paying taxes.
According to DB 2016, Cyprus made enforcing contracts easier by introducing a fast-track simplified procedure for claims worth less than €3,000.
It has also facilitated access to electricity by reducing the time required for getting a new connection which has boosted Cyprus 24 places in the rankings for this category, from 91 to 67.
The island improved access to credit information allowing credit bureaus to collect and report the records of both borrowers and guarantors – up 19 positions to 42nd.
As mentioned in the Cyprus Mail, the island has also made resolving insolvency easier by introducing a reorganisation procedure and provisions to facilitate the continuation of a debtor’s business during insolvency proceedings. The new regime also allows creditors greater participation in important decisions during the proceedings, the World Bank said. The introduction of the insolvency regime has placed Cyprus on the 17th position.
The process of tax payment is now easier for companies after Cyprus facilitated online payment of corporate income tax. At the same time, Cyprus raised the contribution rate for social insurance paid by employers, lowered the tax brackets for the social contribution fund, raised the rate on interest income and increased vehicle tax.
Cyprus has moved up 13 places in the overall 2016 Ease of Doing Business, ranking 47th out of 189 countries. As regards Cyprus’ Distance from Frontier, the overall percentage increased to 71.78% compared to 67.37% last year.
It was also among the top ten economies which implemented at least three reforms, including enforcement of contracts, resolving insolvency, getting electricity, getting credit and paying taxes.
According to DB 2016, Cyprus made enforcing contracts easier by introducing a fast-track simplified procedure for claims worth less than €3,000.
It has also facilitated access to electricity by reducing the time required for getting a new connection which has boosted Cyprus 24 places in the rankings for this category, from 91 to 67.
The island improved access to credit information allowing credit bureaus to collect and report the records of both borrowers and guarantors – up 19 positions to 42nd.
As mentioned in the Cyprus Mail, the island has also made resolving insolvency easier by introducing a reorganisation procedure and provisions to facilitate the continuation of a debtor’s business during insolvency proceedings. The new regime also allows creditors greater participation in important decisions during the proceedings, the World Bank said. The introduction of the insolvency regime has placed Cyprus on the 17th position.
The process of tax payment is now easier for companies after Cyprus facilitated online payment of corporate income tax. At the same time, Cyprus raised the contribution rate for social insurance paid by employers, lowered the tax brackets for the social contribution fund, raised the rate on interest income and increased vehicle tax.