{"id":2560,"date":"2019-06-22T04:21:21","date_gmt":"2019-06-22T04:21:21","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=2560"},"modified":"2019-06-22T04:21:22","modified_gmt":"2019-06-22T04:21:22","slug":"world-bank-agreed-a-loan-agreement-of-usd-518-million-to-pakistan-for-reforms","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/world-bank-agreed-a-loan-agreement-of-usd-518-million-to-pakistan-for-reforms\/","title":{"rendered":"World Bank agreed a loan agreement of USD 518 million to Pakistan for reforms"},"content":{"rendered":"\n<p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe&nbsp;<strong>World\nBank<\/strong>&nbsp;has agreed a<strong>&nbsp;loan\nagreement of $518 million<\/strong>&nbsp;to&nbsp;<strong>Pakistan<\/strong>for reforms to\nenhance&nbsp;<strong>tax\nrevenues and reduce compliance cost to provide better services to the\npublic.&nbsp;<\/strong><br>\nThe bank approved&nbsp;<strong>$400 million loan for the Federal\nBoard of Revenue (FBR)<\/strong>&nbsp;to increase its tax to gross\ndomestic product ratio from<strong>&nbsp;13%\nto 17%<\/strong>&nbsp;and enhance the number of income tax return filers,\namong other reforms.<br>\nThe other&nbsp;<strong>$118 million&nbsp;<\/strong>will go to<strong>&nbsp;revenue mobilization and public\nresource<\/strong>&nbsp;management project of the country&#8217;s northwest\nKhyber Pakhtunkhwa province to increase its capacity for revenue collection and\nthe management of the province&#8217;s resources.<br><br><strong>Aim\nof the agreement:<\/strong><br>\nThe project aims&nbsp;<strong>to simplify the tax regime&nbsp;<\/strong>and&nbsp;<strong>strengthen the tax<\/strong>&nbsp;and&nbsp;<strong>customs administration.<\/strong>&nbsp;It\nwill also support the FBR with technology and digital infrastructure and\ntechnical skills.&nbsp;<br>\nThis will enable more effective use of taxpayer\ninformation and more targeted compliance as there are only 18 lakh people file\nincome tax returns.&nbsp;<br><br><strong>World\nBank&#8217;s Report:<\/strong><br>\nWorld Bank said that Pakistan&#8217;s revenue\nperformance has improved significantly to<strong>&nbsp;12.9%\nin fiscal year 2017-2018<\/strong>&nbsp;against&nbsp;<strong>9.5% of GDP in fiscal year 2011-2012<\/strong>&nbsp;owing\nto tax policy measures.<br>\nIt said that this is<strong>&nbsp;still lower&nbsp;<\/strong>than\nthe level needed by developing countries, of&nbsp;<strong>at least 15% of GDP,&nbsp;<\/strong>to\nfund basic government functions and provide services to people.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;World Bank&nbsp;has agreed a&nbsp;loan agreement of $518 million&nbsp;to&nbsp;Pakistanfor reforms to enhance&nbsp;tax revenues and reduce compliance cost to provide better services to the public.&nbsp; The bank approved&nbsp;$400 million loan for the Federal Board of Revenue (FBR)&nbsp;to increase its tax to gross domestic product ratio from&nbsp;13% to 17%&nbsp;and enhance the number of income tax return filers, among [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"offerexpiration":[],"class_list":["post-2560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2560"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2560\/revisions"}],"predecessor-version":[{"id":2562,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2560\/revisions\/2562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2561"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2560"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=2560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}