Pazarbasioglu added that the project would target raising the tax-to-GDP ratio to 17 percent by financial year 2023-2024 and widening the tax net from the current 1.2 million to at least 3.5 million active taxpayers.
The project would assist in simplifying the tax regime and strengthening tax and customs administration. It will also support the FBR with technology and digital infrastructure and technical skills. The government has set improving tax revenue with low compliance costs as a high priority, the vice president of WB added.
Pazarbasioglu appreciated the economic reforms program initiated by the government to stabilize the Pakistani economy and accelerate broad-based growth. The World Bank team also congratulated the adviser on the improvement of Pakistan in the ranking of the Ease of Doing Business (EODB).
The World Bank team discussed with the adviser the Resilient Institutions Strengthening Program (RISE). This includes an integrated debt management office in the Finance Division. The meeting also focused on areas of harmonization of tax regime, circular debt strategy and national tariff policy matters.
Dr Abdul Hafeez Shaikh said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country.
During the meeting, the adviser appreciated the support being provided by the World Bank to Pakistan and highlighted the government's focus on expediting speedy rollout of the World Bank projects in the pipeline and actions being taken in this regard.