Rome

Italy lags European partners in ease of starting-up business

World Bank report ranks country 73rd as taxes, regulations weigh

Italy lags European partners in ease of starting-up business

(ANSA)- Rome, November 14 – High taxes and time-consuming tax-filing procedures for companies, among other weaknesses, make Italy a hard place to do business, according to a new World Bank study released Wednesday. According to the report, Italy ranks 73d, after all of its main European trading partners, for ease of setting up a company. In the report, presented Wednesday in Rome, the Bank highlights how company taxes in Italy absorb some 68.3% of profits and that companies have to dedicate up to 269 hours to fulfill their tax-related duties. The World Bank report, the tenth annual edition, takes into consideration a range of regulatory factors in 185 countries, covering 11 areas, including procedures to start a business, construction permits, property ownership registration, bank credit, investor protection, hiring of workers and paying taxes. From a purely tax-related point of view, Italy would rank 131. For the seventh consecutive year Singapore maintains the first place for ease of starting a company while the Central African Republic comes in last. Hong Kong, New Zealand and the United States follow, in second, third and fourth place, respectively. Of European countries, only Denmark (5th), Norway (6th) and the United Kingdom (7th) make it into the top ten. Germany, Europe’s largest economy, comes in at 20th place, with France and Spain trailing at 34th and 44th place, respectively. According to the World Bank, since 2005 the average time needed to start a new business has dropped by 50 days, to 30 days. In Italy the average is 6 days, compared to 3 in Singapore. It now takes 55 days to register property ownership, on average, down from 90 days in 2005.

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