World Bank and FBR Join Hands to Advance Reforms through PRR Program

 

In a significant step towards fostering sustainable revenue mobilization and enhancing taxpayer facilitation, the World Bank and the Federal Board of Revenue (FBR) have reaffirmed their commitment to collaborate on the Pakistan Raises Revenue (PRR) Program.

At a recent meeting held at the FBR Headquarters, Najy Benhassine, Country Director of the World Bank, and Asim Ahmad, Chairman of FBR, conducted a comprehensive review of the progress made during the past financial year under the PRR Program.

Over the course of four years, the project has achieved remarkable milestones in harmonizing Sales Tax laws and procedures between provinces and the federal government.

This landmark accomplishment not only benefits taxpayers but also strengthens revenue authorities. Additionally, the reduction in withholding lines from 58 to 33 has resulted in a more conducive business environment, further promoting economic growth.

The green channel's increased efficiency, facilitating imports and exports, has surged from 35 percent to an impressive 66 percent.

Moreover, the tax base has been broadened, positively impacting revenue collection.

During the meeting, special emphasis was placed on achieving the next objective of launching a Single Portal to streamline Sales Tax Return filing and enhance ease of doing business in the country.

To enhance transparency, FBR has been diligently publishing detailed tax expenditure reports. Both the World Bank and FBR have agreed to maintain their focus on upgrading the IT infrastructure and automating FBR processes to meet project targets effectively and efficiently.

The FBR chairman expressed appreciation for the joint efforts and contributions of the teams on both sides. The Country Director commended the significant progress made, highlighting the harmonization of GST as a flagship achievement by FBR. With a shared vision, the FBR and World Bank have committed to continued collaboration, ensuring the successful implementation of the reforms agenda under the PRR Program.

The World Bank team, led by Operations Manager Gailius Draugelis and Lead Country Economist Tobias Haque, joined Senior Economist Lucy Pan, Public Sector Specialist Irum Touqeer, and Manager Member Reforms Shabih Ali Mohib.

The meeting was also attended by FBR's Ardesher Tariq and other members of the project team. The alliance between these entities marks a promising stride towards bolstering Pakistan's economic landscape and fostering an environment conducive to growth and development.

for the latest business news updates and analysis visit our website:

http://www.usmanacademy.com/