Reformers in OECD Countries, 2006-07
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Read about reforms in 2008-09.
Read about reforms in 2007-08.
Australia
Australia, the registration fee was cut in half from 800 to 400 Australian Dollars, reducing cost, as measured by the Doing Business indicator, from 1.8% to 0.8% of GNI per capita.
Austria
Austria, an electronic customs clearance system started working on January 1, 2007. It includes a risk management system that allows officials to target inspections enabling customs to focus on cargo deemed “risky”. This has reduced the inspected cargo to 5% of total trade. As a result, customs clearance became much faster, currently taking on average one hour compared to one day in 2005.
Belgium
Belgium introduced an electronic registration and publication system available to all notaries. Introducing a single registration number, the new system makes publication in the State Gazette automatic. While the reform does not cover VAT and social security registrations, the new procedure cut registration time drastically from 27 to 4 days.
Denmark
Denmark, upon an evaluation of the insolvency system, using the 2007 Doing Business report, the Danish High Court found that many procedural delays were caused by the trustee. The new law provides measures for creditor and juidicial monitoring of trustees' work, and institutes financial incentives for trustees to conduct proceedings more efficiently.
Finland
Finland, the new Finnish Companies Act reduced the minimum share capital from € 8.000 to €2.500, or from 27% of GNIpc to about 8%. The reform also simplified documentation requirements, replacing the deed of incorporation and the minutes of the constitutive meeting by a new, simplified agreement of association.
France
France launched a nationwide online registry of all moveable collateral. At this time it contains information for security rights in moveable property, and is being expanded to cover other assets as well. France's new Tele@ctes system allows notaries to work online, checking encumbrances, sending property contracts to the registry and receiving confirmation numbers - all electronically. The system updates daily and reduces the time to obtain a non-encumbrance certificate significantly to 3 days, while the time to register the property contract has been reduced to 60 days. The total time to register a property has decreased from 183 to 123 days.
Germany
Germany, increased registration fees on two fronts. First, a higher tax rate for property tranfers and the statement of innocuosness is required in Berlin . Second, a higher fee is being charged to register a priority in the land register. Total cost increased from 4% of property value to 5.23% of property value for 2008. On January 1, 2007, Germany introduced electronic registration and online publication. The new, electronic commercial registry made filing of the written contract, power of attorney or deposit electronic, and allows courts to transfer data immediately–halving registration time to 14 days. Also part of the new law, the registration judge shall now decide "without delay"; previously he was allowed one month.
Greece
Greece, a new tax code reduced the profit tax scale, causing a decrease in the total tax rate measured by Doing Business of 1.6%.
Iceland
Iceland, improved its ranking by 17 spots on the Protecting Investors index through extending requirements for immediate and annual disclosure to all nonlisted public corporations. Immediate and detailed disclosures to the public are required and governing rules for boards have been introduced.
Italy
Italy, with a July 2006 decree, Italy reorganized its bankruptcy procedure, giving larger powers to the trustee. The new rules are intended to favor going-concern transfers over piecemeal sales.
Netherlands
The Netherlands passed a Working Hours Act which increases flexibility in working hours through allowing more overtime hours and extending periods for averaging the overtime hours. The Netherlands simplified the process of paying taxes and cut the total tax rate by 3%, number of payments by 11 and time to comply by 70 hours.
Norway
Norway expanded the regulation and definition of related-party transactions that shareholders must approve, strengthening protections already in force.
Portugal
Portugal created fast-track procedures for the voluntary liquidation of commercial enterprises. Alleviating the administrative burden, an entrepreneur can now wind up a company at the registry office. Portugal introduced simplified rules for small claims in simple debt collection cases. The rules allow the courts to decide a high number of cases based on one case, eliminate unnecessary procedural steps, force party cooperation and allow parties to submit written witness testimony. It is likely that cases will be decided faster and will be less costly. Portugal decreased the corporate income tax to 26.5% and changed the depreciation rate for computers to 33%. Mandatory books are eliminated since June 29, 2006. The CIT-autonomous tax rate on representation expenses, such as company car expenses, and daily allowances was reduced. An amendment to the Portuguese company code clarifies existing provisions on director's duties regarding related-party transactions and reforms the way directors can be held accountable. The threshold for filing a shareholder action on behalf of a listed company was lowered from 5% to 2% of share capital, making it easier for a shareholder to sue. As part of a modernization initiative by the Portuguese government, real estate registries in Lisbon continue to be computerized for better efficiency. This digitalization has cut the time to register property significantly -- from 81 to 42 days. Portugal eliminated outdated start-up formalities such as registering company books. In addition, requirements for company registration were further simplified and an online incorporation system for use by lawyers became operational.
Spain
Spain, reforms in Spain made it easier for employers to convert workers' contracts from fixed term to open ended. The reforms lowered nonwage labor costs and some types of severance payments and offered incentives to make temporary workers permanent. A 0.25% reduction in the employer's contribution for unemployment benefits, as well as a 0.2% reduction in the rate paid to the Salary Guaranteed Fund support this measure. The minimum wage for the year 2007 was raised by 400 Euros. Spain reduced its corporate income tax rate from 35% to 32.5% for 2007. Since January 2007, small and medium-sized companies are subject to a reduction from the current reduced rate of 30% to 25%.
Switzerland
Switzerland made working hours more flexible through easing restrictions on weekend work.
