The World Bank Doing Business Report 2010 has recognised Timor-Leste as the world’s top reformer in the area of “Paying Taxes” with its’ global ranking moving from 75th to19th place over twelve months. Timor-Leste moved past 54 countries in one year to rank in the top twenty among 183 countries evaluated on their taxation services globally.
Rainer Venghaus from the World Bank Groups’ International Finance Corporation said “In the face of the global economic crisis, the easing of the tax burden and compliance processes on businesses reflects the Government of Timor-Leste's ongoing commitment to improving the private sector environment.”
Reforms to the nation’s tax system, implemented by the Ministry of Finance, have made Timor-Leste a conducive setting for doing business.
The Country’s Tax Law reform established in 2008 by the IV Constitutional Government boasts one of the lowest tax thresholds in the world and was aimed at fostering a positive tax regulatory environment for national and foreign investment.
Timor-Leste increased by nine countries in the overall doing business category to rank #164.
In 2008, 1,320 micro businesses and 3,155 companies were issued business licenses; A strong indicator that the private sector has been strengthened by the new business friendly environment.
Dealing with construction permits increased by ten countries ranking #87, which is reflective of the 339% increase in major and minor capitol development carried out in 2008.
Starting a business remained steady but the cost percentage per capita of 4.1 in starting a business still remained significantly lower than most countries in the East Asia and Pacific region, which averaged 25.8.
Reduced rankings included ‘Employing workers,’ ranked #89, which is evaluated on the difficulties that employers face in hiring and firing workers. Lack of skilled work force is being addressed by committing the largest budget allocation for training and scholarship programs since independence to up skill workers cross sectors. ‘Trading Across Borders’ has lowered one point due to the implementation of new customs regulations and reforms.
“Getting credit” has always been a challenge for Timor-Leste as a newly established nation. The Government is negotiating with the ANZ bank in Australia and the Ministry of Finance in Portugal to provide advisors to address this situation.
‘Protecting investment ’,‘Enforcing contracts’ (which deals with bankruptcy) and “Registering Property” continue to rank at the bottom of the scale but are currently being addressed through judicial reforms.
The new civil code has been completed and is awaiting approval by parliament. The land package law has completed the consultation stage in the 13 districts and is expected to be passed in 2010. All legislative reforms were formulated to ease doing business in Timor- Leste and should have an impact on indicators for ‘Doing Business 2011.
Ágio Pereira, the Secretary of State for the Council of Ministers and Official Spokesman for the Fourth Constitutional Government noted, “The report is a very fair and positive assessment of our nascent private sector.’
‘While we have made some extraordinary milestones in areas like tax reform with an increase in overall ‘doing business performance’, the report is also representative of those areas which we are currently reforming to ensure improvements in the overall business regulatory environment. We are confident the Gusmão Government national agenda is on par with implementing those reforms critical to transforming the private sector.” ENDS
MEDIA RELEASE Díli- September 15, 2009 - The Spokesperson of the IV Constitutional Government, The Secretary of State for the Council of Ministers - For More Information Please Contact: Ágio Pereira +670 723 0011; E-mail: agiopereira@cdm.gov.tl
Rainer Venghaus from the World Bank Groups’ International Finance Corporation said “In the face of the global economic crisis, the easing of the tax burden and compliance processes on businesses reflects the Government of Timor-Leste's ongoing commitment to improving the private sector environment.”
Reforms to the nation’s tax system, implemented by the Ministry of Finance, have made Timor-Leste a conducive setting for doing business.
The Country’s Tax Law reform established in 2008 by the IV Constitutional Government boasts one of the lowest tax thresholds in the world and was aimed at fostering a positive tax regulatory environment for national and foreign investment.
Timor-Leste increased by nine countries in the overall doing business category to rank #164.
In 2008, 1,320 micro businesses and 3,155 companies were issued business licenses; A strong indicator that the private sector has been strengthened by the new business friendly environment.
Dealing with construction permits increased by ten countries ranking #87, which is reflective of the 339% increase in major and minor capitol development carried out in 2008.
Starting a business remained steady but the cost percentage per capita of 4.1 in starting a business still remained significantly lower than most countries in the East Asia and Pacific region, which averaged 25.8.
Reduced rankings included ‘Employing workers,’ ranked #89, which is evaluated on the difficulties that employers face in hiring and firing workers. Lack of skilled work force is being addressed by committing the largest budget allocation for training and scholarship programs since independence to up skill workers cross sectors. ‘Trading Across Borders’ has lowered one point due to the implementation of new customs regulations and reforms.
“Getting credit” has always been a challenge for Timor-Leste as a newly established nation. The Government is negotiating with the ANZ bank in Australia and the Ministry of Finance in Portugal to provide advisors to address this situation.
‘Protecting investment ’,‘Enforcing contracts’ (which deals with bankruptcy) and “Registering Property” continue to rank at the bottom of the scale but are currently being addressed through judicial reforms.
The new civil code has been completed and is awaiting approval by parliament. The land package law has completed the consultation stage in the 13 districts and is expected to be passed in 2010. All legislative reforms were formulated to ease doing business in Timor- Leste and should have an impact on indicators for ‘Doing Business 2011.
Ágio Pereira, the Secretary of State for the Council of Ministers and Official Spokesman for the Fourth Constitutional Government noted, “The report is a very fair and positive assessment of our nascent private sector.’
‘While we have made some extraordinary milestones in areas like tax reform with an increase in overall ‘doing business performance’, the report is also representative of those areas which we are currently reforming to ensure improvements in the overall business regulatory environment. We are confident the Gusmão Government national agenda is on par with implementing those reforms critical to transforming the private sector.” ENDS
MEDIA RELEASE Díli- September 15, 2009 - The Spokesperson of the IV Constitutional Government, The Secretary of State for the Council of Ministers - For More Information Please Contact: Ágio Pereira +670 723 0011; E-mail: agiopereira@cdm.gov.tl
Red more: Doing Business 2010: Pacific Islands Pick up Pace of Easing Business Regulations The Pacific island economies continued to pick up the pace of reform. Timor-Leste, Papua New Guinea, Tonga, Vanuatu, and Samoa reformed in areas including paying taxes, enforcing contracts, getting credit and starting a business. Three economies from the region-in order, Singapore, New Zealand, and Hong Kong (China)-led the world in ease of doing business.
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