Portugal has climbed six places in the World Bank ranking that measures how easy it is to do business in each country, by going up from 31st to 25th place.
The ‘Doing Business 2015’ study, which was released on Wednesday looked into the rules and regulations for companies in 2013 and 2014 and compared the ease of doing business in 189 countries.
The reform of labour legislation was one point highlighted by the authors, particularly the changes to fixed term contracts introduced in 2013 and the cut in payments for working on holidays.
“The continued reforms in Portugal in the regulation of the labour market are partly as a response to the economic recession that followed the financial crisis”, the authors said.
“Greece, Italy, Portugal and Spain – all among the countries worst affected by the global financial crisis – have stayed on track with their regulatory reforms”, they said.
Another alteration in 2013 and 2014, highlighted by the report was the two percentage point reduction in company income tax, from 25% un 2013 to 23% in 21014.
Out of the 189 countries that were assessed by the World Bank, Singapore stayed in first position followed by New Zealand, Hong Kong (China), Denmark, Korea, United States and the UK.
IYS/ADB // ADB.
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