Author: The Nation

The knowledge and experience that comes with training and capacity building are required for tax practitioners to give in their best in discharging their responsibilities, President, Chartered Institute of Taxation of Nigeria (CITN), Adesina Adedayo, has said.

Speaking during the capacity building workshop organised by the Institute for tax practitioners in Lagos, he said when those without the right skills and training engage in tax practices, there was every likelihood that they would get it wrong.

He said the training was aimed at ensuring that tax partitioners have the right skills and knowledge to carry out their work diligently.

Speaking on “Emerging Issues in Corporate Tax Fillings: Experiences of SMEs”, Chairman, Abuja District & Society, CITN, Dr. Kennedy Iwundu, said it is not compulsory for the accounts submitted by Small and Medium companies with yearly turnovers less than N25 million to be audited.

He said that filing of tax returns for various taxes with the tax authority is a legal obligation which must be fulfilled by every taxpayer.

According to him, a taxpayer has a duty to file tax returns as required under a specified tax law. The law specifies the type of returns, the nature of information required as well as the frequency and manner in which the returns should be filed.

On the other hand, the tax authority has the duty to facilitate the process of filing tax returns by providing a taxpayer with standardised forms, guidelines and procedures.

“Tax filing is the submission of tax returns by a taxpayer to the relevant tax authority in a manner prescribed by law and in accordance with the laid down administrative procedure,” he stated.

Iwundu said tax returns are a report prepared by a taxpayer containing information on his tax affairs for a given period for the purpose of complying with the tax laws.

He explained that minimum tax is generally computed at 0.25 per cent of a company’s annual gross turnover less franked investment income.

He said companies can enjoy a reduced minimum tax rate of 0.25 per cent, for any tax returns filed for any two consecutive accounting periods between 1 January 1, 2019 to December 31, 2021 as may be chosen by the taxpayer.

“This rate reduction is only granted where the relevant returns are filed before the filing due dates,” he said.

He said gross turnover means the gross inflow of economic benefits during the period arising in the course of the operating activities of an entity.

“This also includes sales of goods, supply of services, receipt of interest, rent, royalties or dividends.

A company is exempted from minimum tax if it meets any of the following conditions,” he said. 

Speaking on Understanding Transfer Pricing,  Deputy Director, International Tax Department, FIRS, Mrs. Olubanke, Akanni, explained that Transfer pricing” refers to how associated   enterprises or connected taxable persons (CTPs) price tangible goods (raw materials, spare parts, finished goods, etc.); services (marketing, legal, accounting, training and etc.); intangibles (trademarks, patents, copyright and etc.); loans, guarantees; and other commercial transactions between them.

Akanni, represented by Mrs. Temitope Olayokun, said ensuring that prices charged by associated enterprises or connected taxable persons for the transfer of goods, services and intangible property are consistent with the arm’s length principle.

According to her, the prices paid for goods or services delivered or received have a direct impact on the profits of the seller and buyer and by implication, on tax.

“Where it is cross border, the taxman becomes even more concerned because effectively any mis-pricing would mean a shift of tax base from one jurisdiction to another or worse still, to a tax haven,” she said.

Also speaking on Transfer Pricing Fillings: Essentials for Tax Practitioners, Tax Partner, KPMG, Tayo Ogungbenro, said there was need to identify connected transactions and document compliance with arm’s length rule, complete and file with FIRS annually, statutory transfer pricing returns identifying connected transactions and country-by-country report / notification.

He said FIRS has discretionary power to call for documents and response is to be provided within 21 days (extension may be granted).

He said Master File, local File and Country-by-country report are annual documentation requirements for Transfer Pricing.

“A single taxpayer may be required to file annual TP returns, CbCR, Master File and Local File. These documents must all speak a consistent message as they serve as a taxpayers first line of defense in a transfer pricing audit,” he said.

Speaking on Emerging Issues in Corporate Tax Fillings: Industry Perspective, Group Head, Strategic Tax and Compliance, Dangote Industries Limited, Dr. Titilayo Fowokan, said digitalisation of global economies including Nigeria has positively influenced tax administration as well as tax compliance management by the business owners.

“Tax compliance has graduated from conventional to technology-driven tax filings. Document management has also graduated from manual hard copy documentation to real time data management,” she said.

According to her, document archiving has migrated from storage in filing cabinets to virtual locations – ‘the cloud’.

“Tax filing processes has been digitised at federal and state levels in Nigeria, save for a few exceptions. Robustness of the technology platforms for tax filings is essential for seamless filing process,” she said.

She said investment in tax technology tools by the taxpayers is now inevitable. This, she said,  is the opportunity cost of avoiding the penalties and interest related to non- compliance.

The Standards Organisation of Nigeria (SON) has charged manufacturers to pursue standardisation of their goods to achieve global competitiveness.

Director-General, Standards SON, Mallam Farouk Salim gave the charge in Calabar, the Cross State capital at the workshop for stakeholders in Southsouth Region, organised by the organisation.

Represented by Mr. Usman Mohammed, SON Director, Southsouth Region, Salim said it would continue to consult stakeholders on issues affecting standardisation and quality assurance, in line with its culture of inclusiveness, collaboration and partnership in order to ensure that Nigerian products attain global competitiveness.

He explained that the essence of the workshop, which has the theme: “SON: Partner in Progress for Business Boom via Standardisation” is to enlighten manufacturers on the need to adhere to the requirements of standards, adding that this is the reason SON is interfacing with relevant stakeholders to ensure that they comply with laid down standards.

According to him, the organisation will not relent in its responsibility at ensuring that locally manufactured products meet consumer’s expectations and attain global competitiveness.

He went on to explain that SON is currently creating awareness among manufacturers across the country through sensitisation campaigns.

Speaking further, he explained that the workshop will educate stakeholders on how to grow their businesses, minimise waste and ensure product cost effectiveness, thereby promoting the economic growth of Cross River State and the country at large”.

The Chief Executive went on to explain the SON product registration processes,”we have locally manufactured and imported products. The locally manufactured products are what we use what we call MANCAP (Mandatory Confirmatory Assessment Programme) to assess the factories.

“We go round the factories, pick samples, test and give them the necessary corrective measures. Internally, we monitor the locally manufactured products very well, as well as the imported, through MANCAP and SONCAP”.

Also speaking at the event, Senior Special Adviser to the DG/CEO and National Coordinator of Sensitisation Programmes, Chief Emeka Duru, stressed the importance of the sensitization programmes, explaining that the platform creates an avenue for SON to interface with stakeholders so that business can move forward. He assured the stakeholders that all their complaints will be treated as soon as possible.

He said: “To interface and bring to bear what SON has to offer to make the economy of the nation move forward, the DG/CEO has taken the pain to ensure I move round the states to meet and educate stakeholders because, without them, SON will not exist. I want to assure you that all questions will be treated”.

In his remarks,the Cross River State Coordinator of SON, Engr. Nimma Apim noted said the “engagement is a step in the right direction and compliance with SON’s specifications is a sure bet to improving services and businesses.”

Presentations were also made by Director, Marketing Department, Engr. Richard Adewumi and the Akwa Ibom State Coordinator, Engr. Lawal Ismaila.

The workshop had in attendance stakeholders from the Manufacturers Association of Nigeria (MAN), Calabar Chambers of Commerce, Industry, Mines and Agriculture (CALCCIMA), Lafarge Africa Plc, Niger Mills and Officials of the Cross River State Government, Nigeria Customs Service (NCS) and several others.

President, Dangote Group, Alhaji Aliko Dangote has urged African countries to dismantle  the economic barriers hindering free trade among the nations,  to achieve sustainable growth and development across the continent.

The African richest man also expressed the commitment of his Pan-African conglomerate, Dangote Industries Limited, to solve some of the economic challenges faced by the continent and her people.

To realise this goal, the organisation has committed over $20 billion on investments in several key sectors of the African economy.

Dangote, who made this known, said the investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration.

Speaking in Lagos at the launch of a Special publication “The World Ahead 2023” by the renowned media outfit, The Economist, Dangote, who was represented by the Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr. Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.

“Our massive investments of over $20 billion across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned three million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly,’’  she said.

“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.

“The multilayered issues that we face globally and across regions today, ranging from rising energy costs, food insecurity, supply-chain disruptions, access to quality healthcare, cybersecurity, inflation amongst others brought about by the pandemic or other human factors like the Russia-Ukraine war, call for an objective rethink of geopolitics and geo-economics, especially as they vastly affect policy execution and the ease of doing business in more vulnerable economies,” he stated.

Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.

“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement (AfCFTA).”

Dangote advised that “going forward, the overarching conversations, whether at global or regional levels, in emerging markets or in OECD countries, must be refocused towards exploring the specifics of our fast-changing world, in order to align public-private perspectives and identify areas for collaboration for the collective good of people, planet, and profit.”

He commended ‘The Economist’ for putting together the publication that was being launched, describing it as a rich body of work that offers useful data for all sectors to draw insights from and synthesize the same towards arriving at cutting-edge action points.

In his remarks, Lagos State Deputy Governor, Dr. Obafemi Hamzat described the publication as a valuable document for policymakers and strategic planners, and noted that its contents reaffirm part of the strategies the Lagos State government has executed to make Lagos assume its status as the preferred destination of choice for investors.

According to him, Lagos has just 0.4 per cent of the land mass of Nigeria but has 11 per cent of the country’s population, which explains why some of the challenges in Lagos are peculiar to the metropolis, disclosing that some of the strategies adopted by the state government are geared toward solving the challenges.

He said Lagos is Africa’s fastest growing economy and added that a key policy of the state government is to improve its investment profile by providing an enabling environment. Hamzat also noted that the state has invested billions of Naira in infrastructure and technology, citing the Lekki Deep Seaport as one of the enablers which has made Lagos to attract 60 per cent of the Foreign Direct Investment into Nigeria.

Also speaking, the Regional Executive and Managing Director of Ecobank Nigeria Limited, Mr. Mobolaji Lawal hailed the Economist special launch, as it provides an opportunity for knowledge sharing for the government and private sector to explore emerging opportunities in the digital space.

“If we get it right, it will stimulate growth and drive transformation and ensure economic growth”, the Ecobank boss stressed.

By Isaiah Abraham

In less than one month, Asiwaju of Lagos, and Jagaban of Borgu, Bola Adekunle Ahmed Tinubu, would be sworn in as the 16th president of Nigeria. His victory at the February 25 presidential election signified the final triumph for the pro-democracy and human rights community in Nigeria; who went into trenches to combat the military for the arbitrary annulment of the June 12, 1993, presidential election.

Asiwaju Bola Tinubu‘s victory marked the first transition from one All Progressives Congress (APC)-led Federal Government to another. It also celebrates the APC’s third victory in presidential elections since its formation in 2014. It equally distinguishes the APC as one party that has never been defeated in a presidential election in Nigeria.

The victory also puts to question divisive religious tendencies, which attempted to make political capital out of the party’s same-faith ticket, otherwise known as the Muslim-Muslim ticket. It sent a clear message that voters’ behaviour in Nigerian politics may not necessarily be governed by a religious balance between Christians and Muslims; a view, which also marginalised the traditional religious practitioners.

Asiwaju Tinubu was a distinguished senator who represented Lagos West Senatorial District during the aborted Third Republic between 1992 and 1993. He later joined the pro-democracy movement in the struggle for the restoration of democracy in the country and subsequently fled into exile for the safety of his life and freedom. He returned in 1998 to participate in the new democratic process that ushered in the Fourth Republic politics.

On his return to the country, he parted ways from the extremity of a section of the pro-democracy and human rights community, which vowed not to participate in the electoral process being floated by the military; but joined the Alliance for Democracy (AD) and won the Lagos State governorship election in 1999.

By the time he left office as governor, he had laid a solid foundation for the economic growth of Lagos State through massive foreign investment. He also sanitised the state transport system, reorganised the state public service, as well as the state’s revenue generation drive. During his tenure as governor, Tinubu also developed the state’s infrastructure and environmental sanitisation.

As the 16th president, he would inherit a country with one of the fastest population growth rates in the world, estimated at over 2.6 per cent. This huge population growth rate also carries huge baggage of social crises.

As one of the fastest-growing populations in the world, for example, the country finds itself in a continuous battle against food insecurity. Reports say while the Federal Government budgeted about N874.83 billion for the Federal Ministry of Agriculture and Rural Development between 2016 and 2021, it spent about N7.81 trillion to import food during the same period.

The United Nations Food and Agricultural Organisation (FAO) in November 2022 reports that global food import cost was about $2 trillion. It put Nigeria’s 2021 food import bill at $52.19 billion; representing a 46.65 per cent increase from that of the previous year (2020), when Nigeria’s import bill stood at $35.59 billion; a 59.9 per cent decline from 2019, when food import bill stood at $88.74 billion, which amounts to 20.16 per cent increase from that of 2018.

This analysis means that Nigeria is a heavy importer of food to feed its fast-growing population. It is ironic that the country was a food exporter in the 1960s but became a net importer in the 1970s; with an implication that huge sums of money, which ought to have been used to service other social needs were needlessly spent on food importation.

Part of the social crisis the 16th president would also inherit is the huge percentage of out-of-school children. For example, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) reports that over 20 million children were out of school in 2022 in Nigeria. This was a huge increase from the 10.5 million out-of-school children reported by the United Nations Children’s Fund (UNICEF) in 2020.

The housing crisis also awaits the 16th president. Reports say Nigeria’s housing requirement grew from about seven million housing units in 1991 to 12 million housing units in 2007, to 14 million housing units in 2010 and 28 million housing units in 2022.

In the infrastructural development area, reports rank Nigeria as 143 out of 195 countries. The World Bank in its “Nigeria Public Finance Review” described the level and quality of infrastructure in the country as low. It added that Nigeria’s physical and infrastructure gap may hit about $3 trillion in 30 years.

These are apart from the huge unemployment rate. Nigeria’s Economic Summit Group (NESG) projected the country’s unemployment rate in 2023 at 37 per cent. It pointed out in its report titled “Nigeria in Transition: Recipes for Shared Prosperity” that the country’s poverty headcount would rise to 45 per cent.

The consequences of these and several other indices paint the picture of extreme poverty, chronic hunger, corruption in high and low places, social and communal conflicts, the emergence of deadly insurgency and banditry, among several other negative tendencies, including increasing drifts towards religious and regional blocs, which threaten the unity of the country.

The outgoing President Muhammadu Buhari-led administration made giant strides in the areas of massive infrastructural development. It rejuvenated many abandoned infrastructural projects across the country, including the completion of abandoned roads, bridges and rail projects. The administration also embarked on the empowerment of the poorest and most vulnerable persons, including school children, youths, women and the aged through various intervention programmes. It also embarked on massive construction of houses across the country to reduce the housing deficit.

It encouraged teachers’ education through the re-introduction of bursary awards to student teachers, increased the retirement age for teachers to 65 years of age or 35 years of service, and introduced the free school feeding programme as an incentive toward qualitative education.

It fought terrorism and insurgency extensively, equipped the military and other security agencies to improve their operational efficiency, capacities and capabilities; gave succour to pensioners by defraying Federal Government indebtedness to senior citizens who suffered deprivation and de-humanisation from previous administrations, which held their entitlements captive for up to 16 years.

It fought corruption frontally to improve transparency and accountability through various measures, including the Treasury Single Accounts, (TSA) policy. It banned the importation of certain categories of non-essential items to encourage productivity, especially in agriculture among several other policies and measures put in place to tackle the numerous social crises facing the country.

The 16th President-elect, Tinubu looks confident in his ability to build upon these and other numerous foundations, as well as introduce new innovations in tackling the various social crises. For example, he assured Nigerian youths during his campaign at Abuja, the nation’s capital that they would be proud of their country. He said: “…it’s all about youths; it’s all about children; it’s all about today; it’s all about tomorrow; and it’s all about the day after. Feel proud of Nigeria, we will make you productive citizens, great innovators, and great developers…”

At Lokoja, Kogi State, he assured that the Ajaokuta Steel industry would work under his administration and that Kogi State will be developed into the industrial hub of Nigeria. He also gave hope to farmers, saying they will smile under his administration.

His confidence remained, as he put it during his campaign in Abeokuta Ogun State, where he declared that “…I am educated and I am experienced…”

What he has not said is how he would address the critical issue of the high fertility rate. The Buhari administration had inaugurated the National Council on Population with the president as chairman, and the vice president as deputy chairman. He also launched the Revised National Policy on Population; part of the objective of the policy is to reduce the country’s high fertility rate to improve the quality of life among Nigerians.

The challenge for the Tinubu-led administration will be to appreciate the country’s rapid population growth rate as a major cause of chronic poverty, high unemployment, crime, social conflict, banditry, insurgency, and militancy among other problems in the country.

The only way out is the accomplishment of the objectives of the “Revised National Policy on Population”, as it relates to slowing down the country’s high fertility rate, to achieving demographic equilibrium.

•Abraham, a public affairs analyst, writes from Abuja, the Federal Capital Territory (FCT)

Aviation Minister, Hadi Sirika has congratulated workers for their contributions to the development of the industry.

 He stated this yesterday during the celebration of Workers’ Day.

The Minister said the achievements recorded in the sector wouldn’t have been possible without the commitment of employees in the industry.

He, particularly, ascribed the near-total achievement of the aviation roadmap to the understanding and cooperation of the workers and hoped that the remaining parts would be achieved within the short period before the handover to the incoming administration.

He restated the commitment of the Buhari administration to the continued improvement of the welfare of aviation workers through training, enhanced pay packages, provision of working tools, and conducive work environments.

He further assures workers of his commitment to ensuring the implementation of the conditions of service of the agencies under the ministry and payment of the minimum wages.

Sirika, however, expressed concern over the frequency of workers’ strikes, which, more often than not, disrupt operations at the nation’s airports and which send wrong signals to the outside world about the safety of the airspace.

Similarly, Bi-Courtney Aviation Services Limited (BASL) has expressed appreciation for the ingenuity of workers and their significant contributions to global commerce.

In a statement from BASL’s Head of Corporate Communications, Oluwatosin Onalaja, the company stated that it recognises the importance of  workers’ contributions to world trade and commerce.

It, however, admonished that given the level of skill and opportunities available to workers worldwide, it is crucial for  workers to be proportionally motivated and given a conducive environment in which to excel.

 BASL said: “Nigerian workers have proven to be tough and able to excel under the harshest of conditions, which is why they often take the lead in other countries around the world.”

BASL Management also emphasizes the importance of having the right infrastructure in place to enable Nigerian workers to do even more remarkable things, stressing that with the right support and enabling environment, Nigerian workers can achieve greater heights and contribute significantly to the development of the country’s economy.

“Additionally, BASL’s over 400-strong workforce is committed to delivering safety, security, and comfort to the daily 10,000 travelers, concessionaires, and other users of the MMA2 Terminal in Ikeja, Lagos.

“The company’s workforce works tirelessly to ensure smooth passage and a memorable experience for everyone, with painstaking attention to detail and adherence to all regulatory standards.

“On the occasion of the 16th anniversary of the commencement of operations at MMA2 BASL sends a special admiration for over 35 staff that have chosen to stay with the service for as long as 16 years and wishes them fulfillment long life and increased productivity

“This Workers’ Day 2023, BASL reaffirms its commitment to supporting and enabling Nigerian workers to achieve their full potential and contribute to the growth and development of the country’s economy, and wishes all Nigerian workers a happy International Workers’ Day and congratulates them on their hard work and dedication.”

The President  National Union of Air Transport Employees (NUATE)  NUATE, Comrade Ben Nnabue, has called on in-coming President Asiwaju Bola Ahmed Tinubu to carry out a forensic audit of the Aviation Industry Roadmap and related projects to redidirect/represent them for delivery.

Such exercise, Nnabue said, is the only way to revalidate the essence of such projets for the growth of the industry.

The delivery of such projects, Nnabue noted, would serve the greater interest of the industry instead of undermining them at the expense of stakeholders and the needs of the sector.

In his May Day address on behalf of the union,  Nnabue  advised the outgoing Minister of Aviation, Hadi Sirika, to prepare his hand over note for the next administration.

Nnabue said: “In the above regard, I wish to humbly urge the in-coming government of Bola Ahmed Tinubu to carry out a forensic audit of the aviation road map projects, recast their general directions and re-present them for delivery. It is important to state that the road map projects are exceedingly vital to the growth of Nigerian aviation.”

The NUATE chief  pointed out that it would do the industry a lot of good if the  Minister joined others  in preparing his hand over note for the next administration to continue from where he has stopped.

Emphasising that governance is a continuum, the union reasoned that  there was no wisdom in creating bad weather in the industry at the twilight of his service through unneeded posturing over sundry unfinishable roadmap projects.

  He urged the Minister not to carry out his threat of demolishing the office complexes of FAAN, NAMA and NCAA in Lagos to make way for an airport city.

According to the Labour leader,  there is no time left for this administration to make any impact in that direction, and the excessive haste against time can only produce unpalatable outcomes.

” We must not fail to appreciate the leadership of the Aviation committees of the National Assembly for their swift intervention during the last industrial action against the demolition exercise. NUATE aligns with the position of the National Assembly”

Chairman, International Technology and Communication Expo, Dr. Johnson Anene has urged investors to key into indigenous innovative products and its opportunities. 

Anene made this call at the International and Communication Expo (ITEC 2023) in Abuja.

He stated that the major problem facing Nigeria is the lack of implementation of the various policy initiatives.

He said the objetive of the expo was to promote the application of technology and effectively communicate  in business, private and national life.

He stated the importance of technology in the advancement of the economy.

He said: “We cannot mistake progress without embracing modern technology and Digital communication.

“We need to use modern technology to promote and advance the nation’s economic growth and create wealth and jobs for the unemployed youths”.

The Minister of Transportation, Muazu Jaji  Sambo, said every aspect of human life is driven by technology and that digital economy matters to the Federal Government. 

The World Bank Group has said countries can revive private investment, create jobs and quicken the transition to cleaner energy if they do more to make their economies business-ready.

The bank’s Group Chief Economist and Senior Vice President for Development Economics, Indermit Gill, stated this yesterday, while announcing the bank’s plan for a report to measure countries’ business climate.

Gill said: “The World Bank Group is bringing back a fuller and sharper measure of the investment climate of countries-something that is badly needed in a global economy in the midst of a generalised slowdown,”

Gill added: “Governments that do more to make their economies business-ready will do better in reviving private investment, creating jobs, and quickening the transition to cleaner energy.”

The Business Ready Project first report is due out in Spring next year.

The first report will assess business climate in 54 economies. The flagship Business Ready project is a key instrument of the bank’s new strategy to facilitate private investment, generate employment, and improve productivity to help countries accelerate development.

The Business Ready, the bank said, improves on and replaces the World Bank Group’s earlier Doing Business project.

“It reflects a more balanced and transparent approach toward evaluating a country’s business and investment climate-one that has been shaped by recommendations from experts from within and outside the World Bank Group, including governments, the private sector, and civil society organisations. The first annual Business Ready report, covering 54 economies, will be published in the Spring of 2024,” the bank said.

Yesterday, the World Bank Group published the Business Ready Manual and Guide detailing protocols and safeguards to ensure the integrity of the assessments. It also published the Business Ready Methodology Handbook, which details the project’s indicators and scoring methodology.

“Data collection on the business environment of the initial 54 economies is being done through extensive consultations with regulatory experts and nationally representative World Bank Enterprise Surveys, collected by competitively selected survey companies.

“The World Bank Group has long been a leader in spurring business-regulatory reforms across the world. Its assessments of the business-enabling environment worldwide helped spur nearly 4,000 regulatory reforms in developing and developed economies over the past two decades. They also significantly advanced academic research in this area, resulting in 4,000 peer-reviewed research papers and at least 10,000 working papers. Countries, moreover, often use these assessments to shape their development strategies,” the bank  said.

The Director of the World Bank’s Indicators Group, which leads the project, Norman Loayza, said the project represents a new approach to assessing the business and investment climates.

Loayza said: “The ‘Business Ready’ approach aims to establish a better balance between the ease of conducting a business and the broader implications for society as a whole. It gives a more positive role for governments, advocating for better public services for businesses. In addition to experts’ assessments, it includes direct information from entrepreneurs and managers on their experience navigating the economy’s business environment.”

The report, it said, will focus on 10 topics covering business entry, business location, utility services, labour, financial services, international trade, taxation, dispute resolution, market competition, and business insolvency.

“Over the next three years, the project will grow to cover about 180 economies worldwide annually, starting with 54 economies in 2023-24, 120 economies in 2024-25, and reaching 180 economies in 2025-26,” it said.