World Bank Names Pakistan Among The ‘Top 20 Improvers In Doing Business 2020’

As per the 2020 list, Pakistan’s improvement in the six areas shows the ambitious reform strategy of the country

 

 

On Friday, Pakistan has been named among World Bank’s list of ‘Top-20 improvers in Doing Business 2020’.

As per World Bank, Pakistan has improved in six departments observed by ‘Doing Business’, these are: dealing with construction permits, getting electricity, registering property, starting a business, trading across borders and paying taxes.

The Doing Business project of World Bank helps in ‘provision of objective measures of business regulations and their enforcement across 190 economic and selected cities at the subnational and regional level’.

As per the 2020 list, Pakistan’s improvement in the six areas shows the ambitious reform strategy of the country, ‘including the establishment of a national secretariat and Prime Minister’s reform steering committee’.

With the help of the provincial government of Sindh and Punjab, the ‘100 Days – Sprint – III’ to ‘Doing Business Reforms Plan’ was launched by BoI (Board of Investment) in October of 2018. The aim of the project was to help businesses and improve investment.

As per the World Bank, starting a business has been made easier in Pakistan by the expansion of procedures that are available through an online one-stop-shop.

The improvement in property registration:

Further on, it was said that with improvement in property registration, the procedure of getting a construction permit has been made less hectic. As per the list, this was done so due to Sindh Building and Control Authority (SBC)A and Lahore Development Authority (LDA) has modernized the approval of workflow and improved the working of their one-stop shops.

“The launching of online portals for new commercial connections made getting electricity easier, and tariff changes are announced in advance,” – the list stated.

According to the revealed listings, tax submission was made easier through the introduction of payment sections for value-added tax and for corporate income tax. Furthermore, the corporate income tax rate had been decreased.

“Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port,” – it added.

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