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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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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 20 May 2024

Pakistani currency rates against US Dollar and other currencies on May 20, 2024 (Monday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 20 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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