Ukraine should make every effort to improve tax, customs and regulatory policies, World Bank Director for Ukraine, Belarus and Moldova Martin Raiser has said, while commenting on the downgrade in Ukraine's ranking in the Doing Business 2012 report.

"Ukraine has made some positive steps, but other countries are moving faster. To restore investor confidence, Ukraine should make more decisive and sustained efforts to improve tax, customs and regulatory policies, as well as take efforts to ensure the implementation of contracts and intellectual property rights," he said, UKRINFORM reported.

Raiser noted that since the level of competition for investment is growing at a global level, the pace of reforms is accelerating in order to improve the business climate.

"In 2010-2011, Georgia, Latvia, Macedonia, Moldova, the Russian Federation and Ukraine conducted four regulatory reforms each. But the Ukrainian rating has not improved since the major reforms undertaken by Ukraine have been initiated too late in order to influence the current rating," he said.

Raiser said that in particular, this concerns the amendments introduced to the law on simplifying business establishment procedures (came into force on June 6, 2011) and measures to simplify procedures for obtaining building permits (in effect from June 2011 to January 2013).

"Despite the fact that according to the methodology of the Doing Business report, it took into account all of the reforms that were conducted by June 1, 2011, the figures of 'Tax Payments' estimated the amount of the tax burden on a standard company that existed in the previous calendar year. This means that the Doing Business 2012 estimated the data for 2010. This means that the decrease from January 2011 in the number of tax deductions and a reduction in tax rates under the new tax code were not reflected in the current ratings of 'Tax Payments,'" he said.

As reported, Ukraine has lost seven positions and moved from 145th to 152nd place in the Doing Business 2012 ranking, which is annually compiled by the World Bank (WB) and the International Finance Corporation (IFC).

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