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Doing Business in Tajikistan

Doing Business in Tajikistan. Andrea Dall’Olio Senior Economist, Finance and Private Sector Development Department, Europe and Central Asia. Dushanbe, Tajikistan November 15, 2010. 1. Agenda. About Doing Business Reform Trends: Globally and Regionally Reform Trends: Tajikistan

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Doing Business in Tajikistan

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  1. Doing Business in Tajikistan Andrea Dall’Olio Senior Economist, Finance and Private Sector Development Department, Europe and Central Asia Dushanbe, Tajikistan November 15, 2010 1

  2. Agenda • About Doing Business • Reform Trends: Globally and Regionally • Reform Trends: Tajikistan • Tajikistan’s Reforms in 2009-2010 • Conclusion – Next Steps 2

  3. What does Doing Business measure? • Doing Business indicators: • Focus on regulations relevant to the life cycle of a small to medium-sized domestic business • Are built on standardized case scenarios • Are measured for the most populous city in each country • Are focused on the formal sector • DO NOT measure all aspects of the business environment such as macroeconomic stability, corruption, level of labor skills, proximity to markets, or of regulation specific to foreign investment or financial markets 3

  4. Doing Business indicators – 11 areas of business regulation (9 included in the ranking) Entry Property rights Investor protection Access to credit Administrative burden Flexibility in hiring Recovery rate Reallocation of assets 4

  5. Top 30 economies on the ease of Doing Business 2009/10 5

  6. Agenda • About Doing Business • Reform Trends: Globally and Regionally • Tajikistan’s Global Positioning in DB • Tajikistan’s Specific Reforms 6

  7. Percentage of countries with at least one positive reform in 2009/10 Strong global pace of reforms making business easier: 216 in 117 economies 84% Eastern Europe and Central Asia OECD high Income 61% Middle East and North Africa East Asia and Pacific 47% South Asia 63% 59% 67% 75% Latin America and Caribbean Sub-Saharan Africa 7

  8. 21 of 25 economies in Eastern Europe & Central Asia improved business regulations this year Among 49 reforms in 9 areas of business regulation, Paying taxes and Starting a business were the most popular 8

  9. Many one-stop shops for starting a business in Eastern Europe and Central Asia More one-stop shops have been established in Eastern Europe and Central Asia than in any other region. Since 2002, 20 economies in the region integrated several registers under one function freeing entrepreneurs from having to visit separate agencies involved in business start-up.

  10. Eastern Europe and Central Asia is the second best performing region in 2009/2010 Tajikistan 139 10

  11. Agenda • About Doing Business • Reform Trends: Globally and Regionally • Reform Trends: Tajikistan • Tajikistan’s Reforms in 2009-2010 • Conclusion – Next Steps 11

  12. Tajikistan among the 10 economies improving the most in the ease of doing business in 2009/10 12

  13. … however Tajikistan has still a long way to go 13

  14. Tajikistan is among the top 20 economies which improved the most their business regulation over the past 5 years …

  15. … and in particular over the past two years 5-year measure of cumulative change Tajikistan made considerable improvements over time Croatia made of lot of progress in DB08 with a vast program of reforms Ukraine reformed with a steady pace every year from DB09 to DB11 Egypt Arab Rep. jumped into the reform race from DB07 Total business easing reforms after DB06: 10 13 13 20 15

  16. Agenda • About Doing Business • Reform Trends: Globally and Regionally • Reform Trends: Tajikistan • Tajikistan’s Reforms in 2009-2010 • Conclusion – Next Steps 16

  17. Tajikistan’s progress in improving regulatory environment for the private sector since DB 2007 Tajikistan has been one of the top 10 economies that improved the most in the ease of doing business for two years in a row

  18. Tajikistan’s global rank in each Doing Business indicator *Out of 25 economies in the Eastern Europe and Central Asia region

  19. Starting a business in Tajikistan became easier, improving its Starting a business rank from 151 to 136

  20. Tajikistan strengthened investor protections by requiring greater corporate disclosure Tajikistan amended its Joint Stock Company law in January 2010 requiring detailed disclosure of transactions between interested parties in the annual report, and granting shareholders access to all corporate documents 6 5 20

  21. Tajikistan has reduced the tax burden on businesses by lowering corporate income tax Effective January 1, 2009 tax rates were changed across industries. Applicable tax rate for TaxpayerCo is now 15%, reduced from 25% in 2008.

  22. Agenda • About Doing Business • Reform Trends: Globally and Regionally • Reform Trends: Tajikistan • Tajikistan’s Reforms in 2009-2010 • Conclusion – Next Steps 22

  23. Moving Forward… • Implement Single Registration Number • Complete the process of harmonization of existing legislation with the Law on State Registration • Modernize the existing system to facilitate the use of moveable assets as collateral, to improve access to credit for SMEs • Ensure that the credit bureau is operational • Streamline procedures relating to trade, payment of taxes, and registering property • Ensure adequate implementation of the reforms already completed 23

  24. Thank you. For more information please visit:www.doingbusiness.org 24

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