Pakistan has been listed among the ‘Top-20 improvers in Doing Business for the year 2020’ by World Bank.
World Bank Country Director for Pakistan, Patchamuthu Illangovan, on Friday lauded the collective efforts made by the concerned federal and provincial authorities in achieving the landmark.
“With 6 reforms, #Pakistan emerges among top 20 reformers globally in Ease of Doing Business. Rankings will be released on Oct 24. We laud the COLLECTIVE action of Federal, #Sindh & #Punjab Govts for an impressive feat. @investinpak @eodbpunjab @EODBSindh,” he tweeted.
A statement by the World Bank said, “Pakistan improved in six areas measured by Doing Business—starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders—reflecting the country’s development of an ambitious reform strategy including the establishment of national secretariat and Prime Minister’s reform steering committee.”
“Pakistan made starting a business easier by expanding procedures available through the online one-stop shop,” it added.
“In addition to improvements in property registration, obtaining a construction permit became easier after the Sindh Building and Control Authority and the Lahore Development Authority streamlined approval workflows and improved the operational efficiency of their one-stop shops.”
The statement added that the launching of online portals for new commercial connections had made getting electricity easier, and tariff changes were now announced in advance.
Moreover, the statement noted that tax compliance had become easier through online payment modules for value added tax, and corporate income tax, as well as a lower corporate income tax rate.
The WB also appreciated integration mechanisms which had made trading across the borders easier.