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World Bank: FBR’s $400M Revenue Project Moderately Satisfactory

Discover the latest progress on the ‘Pakistan Raises Revenue’ project by the World Bank, valued at $400 million. Get insights into successful tax reforms, increased taxpayer numbers, and advancements in customs processing. Stay informed on key procurements and project developments for a stronger economic future.

World Bank: FBR's $400M Revenue Project Moderately Satisfactory

The World Bank has given a rating to a project in Pakistan called ‘Pakistan Raises Revenue.’ This project is valued at $400 million. The World Bank thinks that the progress in implementing the project is okay, but not the best. They say that some important things, like buying necessary items, are happening now.

According to official documents from the Bank, $277.61 million, which is 71 percent of the money, has been given out until now. There is still $114.39 million left to be given.

The Bank mentioned that they are seeing good progress in reaching the goals of the project and making the project work well. They also said that the project is doing better in certain areas that show how well it’s going.

They said that in one part of the project, the number of tax lines has gone down from 58 in 2019 to 33 in 2022. They also published detailed reports about taxes and how much money they expect to get. Another report about the difference between the expected money and the actual money was published last year.

In another part of the project, all four provinces agreed to share data with the Federal Board of Revenue (FBR). They also agreed to make changes in sales tax based on FBR’s rules for property values.

The FBR has added 616,000 new taxpayers using data sharing, technology tools, surveys, and other ways. In the last four years, a total of 1.079 million new taxpayers were added.

The FBR did 53 audits of big taxpayers chosen by a tool that looks at risks. They monitored this using a system called the Audit Management Information System.

They are planning to test a new system for tax returns in 2023 with the Punjab Revenue Authority. The system has already been tested with the telecom sector and the Punjab Revenue Authority.

Customs processing has improved. In 2019, 60 percent of goods were checked physically at the border. Now, in 2023, only 33.42 percent are checked this way.

The FBR has simplified its main processes more than it planned. They looked at 17 processes when the goal was 15.

The FBR is keeping an eye on how well they are doing using Key Performance Indicators. They shared results for the first half of 2023 on their website and will share the full year’s report soon.

The second part of the project is going okay. Some important purchases are happening, like getting things ready for a data center and equipment for the Automated Entry Exit Systems (AEES) at airports. They are also starting the process to buy equipment for seaports.

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They are hiring consultants for important jobs, like managing risks and checking things after they are cleared. They are also designing plans for other big purchases related to upgrading data centers or data warehouses. This will help them when they decide to buy these things.

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