The World Bank has commended the Federal Board of Revenue (FBR) for the successful implementation of the Pakistan Raises Revenue Program (PRRP), aimed at fostering sustainable growth in domestic revenue.
The accolades came during a meeting between Chairman FBR, Asim Ahmad, and Country Director World Bank, Najy Benhassine, held at the FBR Headquarters.
The PRRP, supported by financial assistance from the World Bank, strives to broaden the tax base and enhance compliance, contributing to a sustainable increase in domestic revenue. The recent Mid-Term Review of the program, conducted by the World Bank from October to November 2022, revealed significant progress and prompted expressions of overall satisfaction.
One of the major achievements highlighted in the initial findings was the implementation of crucial reforms by the FBR. These reforms include the simplification of the tax regime, the automation of tax administration processes, the expansion of the tax net, and the harmonization of the Goods and Services Tax (GST). These efforts have contributed to a more efficient and transparent tax system in Pakistan.
Chairman FBR, Asim Ahmad, expressed his gratitude for the collaborative efforts of both teams, emphasizing that the program is set to further fortify Information Communication Technology (ICT) based tax administration. The FBR plans to achieve this by upgrading and enhancing the IT-based capacities within the organization, thereby streamlining processes and improving overall efficiency.
The World Bank’s positive assessment during the Mid-Term Review has provided validation for the strategic direction taken by the FBR under the PRRP. The collaborative efforts have not only strengthened the existing tax framework but have also laid the groundwork for sustained growth in revenue collection.
During the meeting, both parties reaffirmed their commitment to continue pursuing the reform agenda under the PRRP with renewed vigor and focus. The shared goal is to ensure that all desired outcomes are achieved, fostering a business-friendly environment and encouraging economic growth.
Najy Benhassine, the Country Director of the World Bank, commended the FBR for its dedication to the successful implementation of the PRRP. He expressed optimism about the positive impact of the program on Pakistan’s economic landscape, highlighting its potential to create a more resilient and sustainable revenue generation system.
The collaboration between the FBR and the World Bank under the Pakistan Raises Revenue Program stands as a testament to the commitment of both entities to fostering economic growth and sustainability. The positive feedback received during the Mid-Term Review signals a step in the right direction, encouraging continued efforts to strengthen Pakistan’s fiscal landscape.
