BUSINESS IN SHORT

WB: Slovakia drops in ranking

SLOVAKIA’s business environment has worsened compared to last year according to the prestigious Doing Business ranking, which puts Slovakia at 49 in its 2014 edition, a six spot drop.

SLOVAKIA’s business environment has worsened compared to last year according to the prestigious Doing Business ranking, which puts Slovakia at 49 in its 2014 edition, a six spot drop.

The Doing Business ranking, which evaluates 189 countries, was released October 29. While in the previous two editions Slovakia sat at 43, higher than its Visegrad Group neighbours, this year its position worsened. Among the countries of the Visegrad Group, Poland was the only one to improve, moving up three places to 45th. Hungary fell slightly, by two spots, to 54 and the position of the Czech Republic worsened by seven spots to 75th place. The absolute leader in business environment quality according to the published ranking compiled by the World Bank was Singapore, followed by Hong Kong and New Zealand.

Slovakia’s worst ranking was in the investors’ protection category, 115th, while the category of starting a business ranked Slovakia at 108 and in paying taxes it was 102.

On the other hand, Slovakia placed 11th in the category of registering property.

“Yes, it is an unpleasing evaluation, although we are obviously trying to take steps to improve the business environment,” Economy Minister Tomáš Malatinský reacted to Slovakia’s ranking, as quoted by the TASR newswire, adding that the worsened ranking is a price Slovakia had to pay for public finance consolidation measures.

Finance Minister Peter Kažimír admitted that Doing Business shows Slovakia is lacking in tax administration and tax collection.

“In this area we have never in history got a better than 100th position,” Kažimír said, adding that it cannot be improved before the UNITAS system is completed and put into use.

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