BAKU, Azerbaijan, Oct. 24
By Nargiz Sadikhova - Trend:
Kazakhstan ranks 25th in Doing Business 2020 rating published by World Bank (WB), Trend reports with reference to WB.
The country, according to the information, made improvements in starting business, dealing with construction permits and getting credit. However, some difficulties are observed in areas of registering property and resolving insolvency.
As noted in the report, Kazakhstan made starting a business easier by registering companies for value added tax at the time of incorporation.
Referring to dealing with construction permits in Kazakhstan, WB noted that the country made it easier by streamlining the expert evaluation of the construction project and by improving the process for obtaining a new water connection.
Furthermore, in regards to getting credit, Kazakhstan strengthened access to credit by automatically extending security interests to the products, proceeds, and replacements of the original assets and by giving secured creditors absolute priority during insolvency proceedings.
“Kazakhstan also improved access to credit information by reporting credit data from retailers,” the report said.
Talking about more difficult areas, WB noted that Kazakhstan made registering property cheaper by decreasing registration fees.
“Kazakhstan also made transferring property more difficult by requiring additional proof of payment of state duties. Furthermore, Kazakhstan made resolving insolvency more difficult by requiring that all creditors vote on the rehabilitation plan, regardless of its impact on their interests,” the report said.
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