Pakistan has been listed among the ‘Top-20 improvers in Doing Business for the year 2020’ by the World Bank.
World Bank Country Director for Pakistan Patchamuthu Illangovan on Friday lauded the collective efforts made by the federal and provincial authorities concerned 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.
“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,” the bank noted in a statement. “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 read. The launching of online portals for new commercial connections has made getting electricity easier, and tariff changes are now announced in advance, it added.
Moreover, the statement noted that tax compliance has become easier through online payment modules for value added tax, and corporate income tax, as well as a lower corporate income tax rate.
The bank also appreciated integration mechanisms which had made trading across the borders easier. “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.
According to ‘Top-20 improvers in Doing Business 2020’, India has made it easier to do business in four areas while China, also included in the listing, has implemented reforms in eight areas.
