Abb Takk News

Pakistan, World Bank Ink $918mn Agreement

ISLAMABAD: Government of Pakistan and World Bank have signed agreement worth USD918 million to assist the country in mobilising revenue, AbbTakk News reported on Tuesday.

The agreements were signed at a ceremony held in the federal capital with Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, in attendance.

World Bank agreed to loan the massive financial aid after the government agreed on raising the number of total taxpayers to 4.5 million.

In a declaration issued by Economic Affairs Division, it was learnt that the World Bank will lend US$400 million for the programme ‘Pakistan Raises Revenue Program’ which is aimed at contributing to a sustainable increase in domestic revenue by broadening the tax base.

The programme’s targeted results include; increasing Pakistan’s tax to GDP ratio to 17 per cent; increasing the number of active taxpayers to 3.5 million; reducing the compliance burden of paying taxes and improving the efficiency of customs controls.