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World Bank tells Pakistan to slash all tax exemptions to ease debt burden

01:27 PM | 10 Oct, 2023
World Bank tells Pakistan to slash all tax exemptions to ease debt burden
Source: File Photo

ISLAMABAD – World Bank has raised questions over Pakistan’s expenditures of 1124 billion, as the country of over 240 million is facing the worst economic crisis in recent times.

Pakistan is among the top nations that might face a sovereign debt default soon; the country’s External Debt reached $124.3 billion in mid-2023.

Amid the dilapidating economic situation, the World Bank (WB) told Islamabad to collect more taxes, urging the government to do more to hit actual capacity. It said the country is falling short of Rs737 billion in tax collection.

The multi-lateral financial institution also advised Pakistan to increase tax incomes from agriculture, properties, and retail businesses to garner additional funds. It said real estate and agriculture hold untaxed wealth.

The reports suggested that the real estate sector is paying Rs402 billion tax in Pakistan, quite less than its actual capacity, while WB recommended South Asian nation to simplify its income tax structure, for both salaried and non-salaried persons.

Furthermore, the Bank’s report said Federal Excise Duty on cigarettes should be collected by up to Rs268 billion.

In previous reports, the financial institution told Islamabad to cut various subsidies to save funds.

Daily Pakistan Global Web Desk

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PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 22 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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