Hungary's slipped to 54th place on the World Bank's latest Doing Business ranking from 51st a year earlier.
The ranking gauges regulations that enhance business and constrain it. The World Bank said that Hungary made starting a business more complex by increasing the registration fees for limited liability companies and adding a new tax registration. But it improved access to credit information by passing its first credit bureau law mandating the creation of a database with positive credit information on individuals.
In the area of taxation, Hungary made paying taxes easier for companies by abolishing the community tax, the World Bank said. At the same time, Hungary increased health insurance contributions paid by the employer, it added. Hungary reduced the time to export and import by allowing electronic submission of customs declarations and other documents, the bank said.