Support for SMEs: Saudi Arabia wins top regional ranking

(MENAFN- Arab News) Saudi Arabia ranks third in the world in terms of tax payments by companies and individuals and second regionally for setting up small and medium enterprises.
This is according to an analytical study released by the Makkah Chamber of Commerce and Industry based on the World Bank's report entitled 'Doing Business in Saudi Arabia 2015.'
The Kingdom ranked 49th internationally for ease of doing business with 69.99 points out of 100 according to the report which was published in a local publication.
The report stated that the UAE ranked first regionally in terms of establishing small enterprises and 22nd internationally out of 189 countries for ease of doing business with 76.81 points.
Bahrain ranked 53rd internationally with 69 points for ease of doing business. Oman came in fourth for setting up small businesses and 66th internationally for ease of doing business.
Jordan came in fifth regionally for small businesses and 117th internationally followed by Iran and Iraq. Iran ranked 130th for ease of doing business while Iraq was in 156th position.
The chamber report stated that the World Bank had ranked the country based on 10 benchmarked areas including starting a business dealing with construction permits getting electricity registering properties getting credit protecting minor investors paying taxes trading across the border enforcing contracts and resolving insolvency.
The Kingdom ranked 109th for ease of starting a small or medium enterprise. It was ranked between 20th and 22nd for dealing with construction permits getting electricity and registering properties.
While the Kingdom came in at a low 71st position for getting credit and 62nd for protecting minority investors it was ranked third for paying taxes.
Saudi Arabia imposes two kinds of taxes Zakat and one on employers and employees for social security.
In the trading across the border category the Kingdom received a ranking of 92.
For enforcing contracts it came in at 108th position.
It ranked 163rd internationally and third regionally for resolving insolvency disputes with Bahrain and Oman in first and second places and Iraq last.
The report also determined that there was a 15 percent increase in commercial permits granted attributed to the Ministry of Commerce and Industry facilitating application processes.