The World Bank's suggestions were outlined in the Pakistan Development Outlook report, aiming to enhance Islamabad's fiscal sustainability.
One of the key recommendations is the expansion of the tax base to encompass previously untaxed sectors. Among the suggested measures is a progressive tax rate system, where individuals with a monthly income of five lakh rupees would be subjected to a 35% tax rate.Calls to cut federal spending
The goal is to increase revenue collection and ensure that a broader segment of the population contributes to the country's financial stability.Another notable recommendation from the World Bank is the simplification of the personal income tax structure and the introduction of taxes on owners of agricultural land exceeding 12.5 acres.Concerns from experts
In contrast to the World Bank's suggestions, Pakistan has been grappling with rising poverty levels in fiscal year 2023.
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