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World Bank to provide US $518 million to Pakistan for reforms

Date: 19 June 2019 Tags: International Events
  • World Bank has agreed to provide US $518 million loan to Pakistan for reforms to enhance tax revenues and reduce compliance cost to provide better services to the public.
  • Of the total loan, $400 million was approved for Federal Board of Revenue (FBR) to increase its tax to gross domestic product ratio from 13% to 17% and enhance number of income tax return filers.
  • It aims to simplify the tax regime and strengthen tax and customs administration. It will also support FBR with technology and digital infrastructure and technical skills.
  • Remaining $118 million will be provided for revenue mobilization and public resource management project of Pakistan's northwest Khyber Pakhtunkhwa province to increase its capacity for revenue collection and management of the province's resources.