Jamaica Seeks to Improve Climate for Doing Business

The World Bank’s 2010 Doing Business Report, which ranks economies according to the number and impact of reforms to improve the climate for doing business, has downgraded Jamaica. But, the Government says that initiatives have been implemented to improve the climate for doing business here.
The report indicated that Jamaica has moved down from an overall position of number 67 the previous year, to position number 75, Minister with responsibility for Information, Telecommunications and Special Projects, Hon. Daryl Vaz, observed at Wednesday’s (October 21) Post Cabinet press briefing at Jamaica House.
The report noted, however, that Jamaica had introduced reforms in the area of the registration of properties, including reducing property tax from 6.5 per cent of the value of the property to 5 per cent.
The 10 indicators which are used to rank countries are: starting a business; dealing with construction permits; employing workers; registering property; getting credit; protecting investors; paying taxes; trading across borders; enforcing contracts; and closing a business.
Mr. Vaz said that Minister of Industry, Investment and Commerce, the Hon. Karl Samuda, who provided Cabinet with the information from the report, had suggested that the main areas requiring attention were the four indicators of – registering property, paying taxes, trading across borders and enforcing contracts.
He said that Mr. Samuda also informed the Cabinet that initiatives have already been implemented for improving doing business in Jamaica and simplifying the processes involved.