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.
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.
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.
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 https://t.co/lWEqBYsjpl
— Illango (@Illango_WB) September 27, 2019
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#DivaReports: The World Bank has taken notice of Pakistan's improvement in aspects of business, such as starting one, construction permits, getting electricity, registering property, paying taxes and trading across borders. This is why Pakistan was listed among the World Bank's list of Top 20 Improvers in Doing Business for 2020. Photo by @shamsher.niazi