With a new methodology in operation, Jamaica has slipped two spaces to stand at 67th in the world in the prestigious Doing Business Report 2017, retaining its position as first in the Caribbean in respect of the ease of doing business.

But the World Bank was quick to point out that “due to adjustments in its methodology, 2017 rankings cannot be directly compared with those for 2016.”

The ranking follows two consecutive years of rapid ascension for the island after it placed seven spots above its 2015 ranking to 65 in 2016. Now at 67, Jamaica’s current ranking is still three places better than Panama at 70 – viewed as one of the fastest-growing economies in the Latin American and Caribbean region.

“Jamaica made paying taxes less costly by increasing tax depreciation rates and the initial capital allowance for assets acquired on or after January 1, 2014. Furthermore, companies incorporated for less than 24 months are exempted from paying the minimum business tax,” the report stated.

http://www.jamaicaobserver.com/business/Jamaica-slips-two-ranks-in-2017-Doing-Business-Report–but—_78375