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World Bank agreed a loan agreement of USD 518 million to Pakistan for reforms

Posted on:19 Jun 2019 18:55:34
World Bank agreed a loan agreement of USD 518 million to Pakistan for reforms
19 June 2019 Current Affairs: The World Bank has agreed a loan agreement of $518 million to Pakistan for reforms to enhance tax revenues and reduce compliance cost to provide better services to the public. 
The bank approved $400 million loan for the Federal Board of Revenue (FBR) to increase its tax to gross domestic product ratio from 13% to 17% and enhance the number of income tax return filers, among other reforms.
The other $118 million will go to revenue mobilization and public resource management project of the country's northwest Khyber Pakhtunkhwa province to increase its capacity for revenue collection and the management of the province's resources.

Aim of the agreement:
The project aims to simplify the tax regime and strengthen the tax and customs administration. It will also support the FBR with technology and digital infrastructure and technical skills. 
This will enable more effective use of taxpayer information and more targeted compliance as there are only 18 lakh people file income tax returns. 

World Bank's Report:
World Bank said that Pakistan's revenue performance has improved significantly to 12.9% in fiscal year 2017-2018 against 9.5% of GDP in fiscal year 2011-2012 owing to tax policy measures.
It said that this is still lower than the level needed by developing countries, of at least 15% of GDP, to fund basic government functions and provide services to people.
The World Bank has agreed a loan agreement of $518 million to Pakistan for reforms to enhance tax revenues and reduce compliance cost to provide better services to the public. 
The bank approved $400 million loan for the Federal Board of Revenue (FBR) to increase its tax to gross domestic product ratio from 13% to 17% and enhance the number of income tax return filers, among other reforms.
The other $118 million will go to revenue mobilization and public resource management project of the country's northwest Khyber Pakhtunkhwa province to increase its capacity for revenue collection and the management of the province's resources.

Aim of the agreement:
The project aims to simplify the tax regime and strengthen the tax and customs administration. It will also support the FBR with technology and digital infrastructure and technical skills. 
This will enable more effective use of taxpayer information and more targeted compliance as there are only 18 lakh people file income tax returns. 

World Bank's Report:
World Bank said that Pakistan's revenue performance has improved significantly to 12.9% in fiscal year 2017-2018 against 9.5% of GDP in fiscal year 2011-2012 owing to tax policy measures.
It said that this is still lower than the level needed by developing countries, of at least 15% of GDP, to fund basic government functions and provide services to people.

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