Islamabad, Pakistan: Pakistan and the World Bank held a meeting to discuss the development of a robust tax policy framework. The meeting aimed to enhance revenue mobilization, improve tax compliance, and ensure equitable taxation.
Finance Minister Muhammad Aurangzeb met with World Bank Country Director Najy Benhassine to discuss the government’s economic reforms and development goals. The minister expressed gratitude for the World Bank’s ongoing support and emphasized the importance of a transparent and efficient tax system.
Key areas of discussion included:
- Agricultural Income Tax: The need for a fair and effective agricultural income tax regime.
- General Sales Tax (GST): Harmonization of GST across provinces to ensure a uniform tax system.
- National Tax Council: Strengthening the role of the National Tax Council in shaping tax policy.
- Technology and Digitalization: Leveraging technology to improve tax collection and reduce leakages.
The World Bank offered technical assistance to Pakistan in modernizing its budget-making process, enhancing transparency and accountability in public financial management, and establishing a robust debt management framework.
Both sides agreed on the importance of a well-structured tax policy framework to support economic growth and social development. The World Bank reiterated its commitment to supporting Pakistan’s efforts to achieve these goals.
