ArmInfo.And about. On November 9, Minister of Economic Development and Investments of Armenia Tigran Khachatryan received a delegation led by World Bank Program Manager (WB) Genevieve Boehui. The parties discussed issues related to improving the business and investment environment.
According to the press service of the Ministry of Economic Development and Investments, the Acting The Minister presented the approaches of the Armenian government around improving the competitive environment in Armenia. Khachatryan touched upon the development of a draft law aimed at promoting public-private partnerships, as well as protecting foreign investments.
The interlocutors discussed the possibility of improving the positions of Armenia in the World Bank's Doing Business ranking. In this context, the. The Head of the Ministry of Economic Development noted the importance of eradicating corruption in the country and stimulating investment in Armenia. Tigran Khachatryan and the WB team discussed the upcoming tax reforms, in particular the reduction of the income tax rate.
Among the 190 countries covered in the World Bank (WB) Doing Business ranking - 2019, Armenia rose from 47th place to 41st, improving its position by 6 levels. The head of the WB Yerevan office Sylvie Bosutro said this at a press conference on October 31. Thus, a positive result was registered, in particular, due to the improvement in positions on the Doing Business <Creation of Enterprises> rating indicator, as well as on the <Power supply system> indicator, occupying the 17th position. According to the indicator Protecting Minority Shareholders, Armenia improved its results by taking 51 positions, adjusting the ownership structure and oversight mechanisms and demanding higher corporate transparency. <Armenia was able to advance on the "Taxation" indicator, establishing such administrative measures as a result of which the processes of paying VAT, profit tax and income tax were simplified. As a result of measures initiated by the government, the e-government system of tax authorities has improved. And the last fifth indicator, which contributed to the improvement of the country's position in the Doing Business rating, concerns enforcement of contracts, according to which Armenia took the 24th place. Indicators for obtaining a building permit in which Armenia occupies the 98th position require improvement, according to the terms of access to loans, the country took the 44th position and the 95th insolvency resolution (bankruptcy procedure).
Note that the Group of World Bank analysts (World Bank) annually in 190 countries around the world conducts research on favorable business conditions. The analysis is performed on 10 indicators. The analysis is presented in a report, which is usually published in the fall in the oldest English-language economic scientific journal (QJE published since 1886).