ISLAMABAD: The World Bank on Thursday presented important demands to the Pakistani government for tax reforms and the elimination of exemptions in duties and sales tax.
The World Bank, while releasing its report on Pakistan, has recommended the government reform the tax system and eliminate sales tax exemptions to promote economic and social improvement.
The report calls on the government of Pakistan to formulate a national policy for child development and advocates reducing subsidies on energy and other commodities while reallocating these funds to public welfare initiatives.
The report suggested that “the government should implement austerity measures and promote public-private partnerships in state-owned companies.”
The World Bank report recommended the Pakistani government restructure the tax system, eliminate duty and sales tax exemptions, and suggest new taxes on real estate and the agriculture industry.
Read More: IMF predicts Pakistan’s economy to grow by 3.5% in FY25
It is also recommended to formulate a long-term commercial tariff strategy and align the gas tariff for consumers with the cost of supply.
ISLAMABAD: Escalating tensions between the United States and Iran have once again unsettled global oil…
ISLAMABAD: Pakistan's energy sector is headed for another high-stakes international commercial arbitration, with Petrosin CNG…
PESHAWAR: Documents have been sought from employees who have completed 5 years of service for…
ISLAMABAD: The Meteorological Department has predicted rain with thundershowers in various cities. According to the…
ISLAMABAD: Pak Suzuki’s latest financing policy has released the prices of all Cultus variants, total…
RAWALPINDI: Farrukh Khokhar was arrested inside the courtroom on Monday after a Rawalpindi court sentenced…