Join us on TelegramClick Here

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

The World Bank has agreed a loan agreement of $518 million to Pakistanfor 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.

Take Mock Tests

Government Schemes Mock Test Start Test!
Political Science Mock Test – 42 Start Test
History Test – 190 Start Test
Quantitative Aptitude Test Start Test!
Trigonometry - Mock Test Start Test!
Data Interpretation - Mock Test Start Test!
General Awareness - Mock Test Start Test!
Reasoning Ability - Mock Test Start Test!
Englist(Antonyms) Mock Test 1 Start Test!
Quantitative Aptitude (Percentage) Mock Test Start Test!
Economy Mock Test 1 Unlock Test!
Economy Mock Test 2 Unlock Test!
Economy Mock Test 3 Unlock Test!
Books & Authors - Test 2 Unlock Test!

Leave a Comment is a premier website to provide complete solution for online preparation of different competitive exams like UPSC, SBI PO, SBI clerical, PCS, IPS, IAS, IBPS PO, IBPS Clerical exam etc. & other graduate and post-graduate exams. Learn more on about us page