Govt makes bid to move up DBR

Indunil Hewage

The government is striving to improve the regulatory environment for businesses in the hope of reaching the 30th position in Doing Business Ranking (DBR) by 2015, said Ajith Nivard Cabraal, Governor, Central Bank.

"To achieve the 30th position in the Ranking by 2015, Registrar of Companies, Colombo Municipal Council, The Water Board and Sri Lanka Telecom must host a one stop shop and facilitate procedures to be performed on line. Department of Inland Revenue should have a simplified tax system to attract more tax payers and EPF and ETF procedures should be conducted on line," government officials emphasized.

Sri Lanka was ranked 81 in 'Ease of Doing Business', up 15 places from the previous year, according to the 2013 edition of the World Bank's "Doing Business" report which was released by the Washington-based World Bank Group and International Finance Corporation (IFC). Sri Lanka is noted the second most improved country in the world in the Doing Business Ranking and is the highest ranking country in South Asia.

Sri Lanka is also the only country in the region to improve its ranking in 2013. For the first time in seven years, Sri Lanka being a South Asian country ranks among the most improved.

"However, we cannot be satisfied with these achievements and there are many areas where ranking can be improved on and further reforms need to be undertaken," said C.J.P. Siriwardena, Assistant Governor, Central Bank.

Sri Lanka has made starting a business easier by computerizing and expediting the process of obtaining a registration number for the Employees Provident Fund and Employees Trust Fund, registering property faster by introducing an electronic system at the Land Registry in Colombo.

Sri Lanka has also strengthened its secured transactions system by establishing an electronic, searchable collateral registry, issuing regulations for its operation. In addition, Sri Lanka has reduced the time limit to export by implementing the ASYCUDA World electronic data interchange system.