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Pakistan Among Top 20 Improvers in Business Doing Added by World Bank

By Arooj Ahmed — Published on 01/10/2019
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After the mind-blowing speech of Prime Minister, one more moment of pride is the announcement by the World Bank on Friday. The list included the top 20 improvers in doing business in 2020. According to the international financial institution, Pakistan is doing remarkably great in six different business areas. These areas including setting up the business, getting construction benefits, electric connections, property registration, tax payment, and international trade.

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The Doing Business project is a popular effort launched by the World Bank to ensure “objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level”.

According to the listing for the year 2020, the improvement in six areas is evident that the government of Pakistan is motivated to reform the business strategies. In this context, a reform steering committee is established comprising of the national secretariat and the Prime Minister. In October 2018 the Board of Investment in collaboration with the governments of Punjab and Sind initiated the renowned 100 Days-Sprint III. The purpose was to uplift the business conditions and pave the way to better investment as required under the Doing Business Reforms plan.

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According to the World Bank, it has now become easier to launch any business. The procedure has expanded considerably with the availability of the one-stop-shop. The government has eased the process of getting permits. The efforts by the Sind building and Control Authority (SBCA) and Lahore Development Authority were highly appreciated. They streamlined the approval process too which multiplied the efficiency of the one-stop shops.

The online portal system made it easy to acquire connections easily. The customers get the details regarding the tariff changes well in time. the listing further added that it is now easy to manage due to the updated online payment modules encompassing value-added tax and the corporate. The low-income tax rate is not less than a blessing as well.

As far as international trade in concerned the across-border trends have become easier to deal with as the different economic agencies are well integrated with one another through an electronic communication system. This enhances the coordination of the joint inspections at the port.

About Author

Written by
Arooj Ahmed is a content specialist interested in cutting-edge technologies and Pakistan's Updates. Arooj is committed to keeping up with the newest technological developments, especially as they pertain to the Pakistani market, despite her many years of expertise in the field. If you want to keep up with the ever-changing state of this profession, her knowledge and perspective are indispensable.

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