Sri Lankan government looking at further improving country’s positioning in Ease of Doing Business Index
The government of Sri Lanka is looking at expediting the automation process aimed at improving systems in key institutions in order to further improve country’s tanking in the Ease of Doing Business Index.
The government has expedited the process after being encouraged by last year’s success in the Ease of Doing Business Index.
“We have been able to jump 11 places last year, to reach 100 out of 199 places in 2018. I wish it was more, but this is still a huge improvement, this year we expect it to be even a bigger jump,” Sri Lanka’s Minister of Economic Reforms and Public Distribution Dr. Harsha de Silva has told the media.
“We have eight working groups working on the various process improvements. We really pushed hard last year, and are doing so this year. I expect an even bigger jump this year.”
The Government is planning to carry out several ICT improvements in processes in customs, and linking the Registrar of Companies and Inland Revenue Departments to improve current systems and processes, Dr. de Silva has been quoted as saying.
The government aims at further improving the systems at the Inland Revenue Department by getting the Department online this year.
Taxpayers will be able to receive their TIN when they process the Registration of Company (ROC) from the end of February, while online payments will be available for Inland Revenue Department processes from the end of March, Inland Revenue Department Deputy Commissioner A. A. Dayaratna has told the local media.
According to reports, moves are also underway to improve, automate, and link the Urban Development Authority, Land Registry, and Colombo Municipal Council, to simplify the process of obtaining development permits required for construction and other development work in the country.
OSL take:
The Sri Lankan government has been continuously introducing improvements to the existing administrative systems in order to further improve the ease of doing business environment in the country. Between 2017 and 2018, Sri Lanka went up 11 positions in the Ease of Doing Business Index compiled by the World Bank. This is an encouraging sign for foreign businesses/investors looking at engaging in business with Sri Lanka. The ease of doing business together with the many trade agreements enjoyed by Sri Lanka with other nations and the country’s geographical positioning in the Indian Ocean, would make the island nation the ideal business destination.
| Article Code : | VBS/AT/20022019/Z_1 |