ISLAMABAD: The Board of Investment (BoI) has submitted reform actions and 30 data challenges to the World Bank for the Ease of Doing Business Report 2021, and expects that Pakistan will register further improvement this year.
Six reforms, which the World Bank recognised, are: Company can now be registered in one day with the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR). Data is transferred to Labour Dept, PESSI, SESSI and the EOBI in real time. Only the SECP portal is used. End to End integration of nine departments has been made.
Getting construction permits now takes 108 days in Lahore, and 134 days in Karachi as opposed to 266 and 261 days originally.
Commercial property can now be registered in 22 days in Lahore, and 149 days in Karachi, instead of 25 and 208 days previously.
Commercial electricity connection can now be obtained in 73 days in Lahore, and 134 days in Karachi as opposed to 117 and 185 days in previous report. Online portals of the LESCO and K-Electric have been launched. Tariff changes are announced in advance.
Online payment of taxes has been introduced. The numbers of payments are now measured at 34 from 47, and time for paying taxes has reduced substantially. Tax rates for small companies reduced from 25 percent to 24 percent.
The WEBOC Customs software has reduced time to export for border compliance from 75hrs to 58hrs, and time for imports for documentary compliance from 143hrs 96hrs.
The World Bank Group’s Doing Business project provides a measure of the “Ease of Doing Business” through a set of objective indicators that focus on the impacts of laws, regulations, and their enforcement across 190 economies. Since 2016, almost 300 reforms have been implemented to improve investment climate in the country.
Resultantly, Pakistan improved 39 positions in the EODB ranking in the last two years, and was placed at 108th position.
Pakistan was recognised as the top reformer in South Asia, and sixth reformer in the world.
Copyright Business Recorder, 2020
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