Kuala Lumpur, Malaysia – Malaysia is one of 17 economies that implemented reforms in the East Asia and Pacific to improve the business climate for local entrepreneurs. It is one of the top performing economies in the region in terms of the efficiency and quality of business regulations measured by the Doing Business report, owing to the continuous reform efforts by the government over the past decade.
In the last year, Malaysia made it easier to pay taxes by introducing an online system for filing and paying goods and services tax. Now, it takes a medium-sized company only nine payments to comply with taxes, versus 13 payments in 2014. It also improved access to credit information through the introduction of credit scores by CTOS—the country’s largest credit bureau— that make it easier for banks and other financial institutions to assess the creditworthiness of borrowers.
As part of Malaysia’s journey to become more competitive and improve in the areas measured by the Doing Business report, the World Bank Group’s Knowledge and Research Hub in Kuala Lumpur and PEMUDAH, the Special Task Force to Facilitate Business, Prime Minister’s Department, jointly hosted a workshop covering all 11 indicators of the Doing Business report. This ranges from starting a business, paying taxes, obtaining construction permits, getting an electricity connection, property registration, international trade, getting credit, protecting minority investors, enforcing contracts, resolving insolvency to labor market regulation.
During the workshop, the World Bank provided in depth information on the methodology of Doing Business indicators, presented the findings, and shared global best practices.
In the area of getting an electricity connection, the World Bank stressed the good performance of Malaysia, as obtaining a new electricity connection takes only one month in Kuala Lumpur – compared to 93 days at the global level.