Turkey Ranked 33rd in the World Bank’s 2020 Ease of Doing Business Report
Turkey is ranked 33rd among 190 economies in the World Bank’s Ease of Doing Business 2020 report. Turkey was 69th in the 2017 version of the report.
Turkey developed registering a property by reducing the time to obtain a tax assessment simultaneously reducing mortar charges to transfer property. In addition, VAT was exempted from some capital investments.
The report also states that Turkey eliminated the notarization of companies’ legal books and paid-in minimum capital requirement which made easier to start a business for entrepreneurs.
Turkey made the criteria for obtaining construction permits easier by removing some manual application processes and making the building regulation transparent by publishing pre-application online.
Turkey made paying taxes easier by improving the online portal for the filing and payment of taxes.
Turkey took various steps to reduce cost and time for trading internationally which includes expanding the functionalities of the national trade single window, enhancing the risk management system and lowering customs brokers’ fees.
Turkey made enforcing contracts easier by publishing judgments rendered at all levels in commercial cases.
After the world’s bank report Turkey’s Trade Minister Ruhsar Pekcan said: “We will reach our target to be among the first 20 countries in the next report with this acceleration we have caught.”
The Vice President Faut Oktay stated that: “This is a big achievement in the history of the Turkish economy despite of global criticism on Turkey. Turkey won’t stop till we reach the sky over a mission which is achieving to be with the top 20 countries by 2023.”
The goal of the World Bank in coming up with ease of doing business report every year is to provide an objective basis for understanding and improving the regulatory environment for business around the world. The report measures the ease of doing business through a comparative assessment of the regulatory environment in 190 countries based on starting a business, dealing with construction permit, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contacts, resolving insolvency.