Pakistan listed among ‘Top 20 Improvers in Doing Business 2020’ by World Bank – Pakistan

Pakistan was on the World Bank list of & # 39; Top-20 breeders in Doing Business 2020 & # 39 ;, emerged Friday.

According to the World Bank, Pakistan has improved in six areas measured by & # 39; Doing Business & # 39 ;, which are: starting a business, dealing with building permits, obtaining electricity, registering property, paying taxes and trading through the borders.

The World Bank's Doing Business project "provides objective measures of trade regulations and their application in 190 selected economies and cities at the sub-national and regional levels."

According to the 2020 list, Pakistan's improvement in the six areas is a reflection of "the country's development of an ambitious reform strategy, which includes the establishment of a national secretariat and a prime minister reform steering committee."

Read: BoI launches "make a plan of trade reforms"

In partnership with the provincial governments of Punjab and Sindh, the Investment Board (BoI) in October 2018 launched the & # 39; 100 days – Sprint-III & # 39; for & # 39; Trade reform plan & # 39; with the objective of facilitating business and improving the investment climate.

The World Bank stated that Pakistan had facilitated the process of starting a business by "expanding the procedures available through the online one-stop shop."

In addition, he said that along with improvements in property registration, the process to obtain a building permit had also been made easier. The list said that this was because the Sindh Control and Construction Authority (SBCA) and the Lahore Development Authority (LDA) had "streamlined approval workflows and improved the operational efficiency of their single windows."

"The launch of online portals for new commercial connections made it easier to obtain electricity, and changes in rates are announced in advance," he said.

According to the list, tax compliance had also been made easier through online payment modules for value added tax and corporate income tax. In addition, the corporate income tax rate had been reduced.

"Pakistan facilitated cross-border trade by improving the integration of several agencies into an electronic system and by improving the coordination of joint physical inspections at the port," he added.

"With 6 reforms, Pakistan emerges among the top 20 reformers worldwide in the ease of doing business," the World Bank Director for Pakistan, Patchamuthu Ilango, wrote on Twitter. "The rankings will be published on October 24. We commend the COLLECTIVE action of the federal governments, #Sindh and #Punjab for an impressive feat."

According to the & # 39; Top 20 Enhancers in Doing Business 2020 & # 39 ;, India had facilitated doing business in four areas, while China, also included in the list, had "implemented reforms" in eight areas.

Source: https://www.dawn.com/news/1507658/pakistan-listed-among-top-20-improvers-in-doing-business-2020-by-world-bank

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