World Bank Report 2019 on ease of doing business: Pakistan takes a big jump

[Ali Tariq]

31 Oct, 2018

ISLAMABAD - World Bank Global Ranking 2019 on ease of doing business has been revealed.

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Pakistan has jumped 11 places to 136th on the World Bank’s ease of doing business global ranking 2019.

It has been revealed on a report released by the Washington-based lender on Wednesday.

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Pakistan carried out three business reforms during the past year to help create jobs, attract investment and make the economy more competitive, says the World BankGroup’s ‘Doing Business 2019: Training for Reform’ report, released on Wednesday.

On the measure of absolute progress towards best practice, Pakistan improved score to 55.31, from 52.78 last year.

READ MORE:PM Imran Khan chairs parliamentary party meeting in Islamabad
The reforms of the past year covered the doing business areas of starting a business, registering property and resolving insolvency.

 

[Death Professor]

Nice to see improvement of 11 places, but 136th is not enough. India is on 77th, well at-least we are at a better place than shitter Bangladesh. Hope our textile exports start to flourish again, so that the market which Bangladesh captured could be returned back to Pakistan.


Btw amazed to see according to the report even Afghanistan has much better ranking than Bangladesh.

 

[Maea]

Factually this doesn't mean anything.

 

[patero]

New Zealand top of the rankings.

http://www.doingbusiness.org/en/rankings

I help set up businesses for new clients every week, quite a few off shore clients. I can set up a non-resident trust with a corporate trustee, have a trading company registered with companies office and registered for tax and GST, business bank accounts set up and active and have the business ready to trade within 24 hours.

Our charge for this service is about $1500 NZ, or about $1000 US. The real advantage for foreign clients with this structure is complete anonymity. Under New Zealand trust law the corporate trust owns the trading company, the client can remain anonymous without any reference to themselves personally.

I have some difficulty explaining this to clients from countries without equivalent laws, in practice this means they can decide if they wish to declare their earnings or ownership to their own government and its tax authorities.

 

[AyanRay]

Factually this doesn't mean anything.

It means a lot. Global investors look at parameters like this before deciding on their investment options.

 

[kaykay]

Factually this doesn't mean anything.

It means alot if you want FDIs. Else nothing much.

 

[Maea]

It means a lot. Global investors look at parameters like this before deciding on their investment options.

This my business, investors don't look at these report, most investors visit the place by themselves and then decide. Just a month ago with al the crisis that Pakistan was facing, we signed 1.25€ milion deal with a Pakistani company regarding automobiles industry.
Soon a new a big cargo airline is going to be launched, I'm working on this right now.

 

[Sugarcane]

New Zealand top of the rankings.

http://www.doingbusiness.org/en/rankings

I help set up businesses for new clients every week, quite a few off shore clients. I can set up a non-resident trust with a corporate trustee, have a trading company registered with companies office and registered for tax and GST, business bank accounts set up and active and have the business ready to trade within 24 hours.

Our charge for this service is about $1500 NZ, or about $1000 US. The real advantage for foreign clients with this structure is complete anonymity. Under New Zealand trust law the corporate trust owns the trading company, the client can remain anonymous without any reference to themselves personally.

I have some difficulty explaining this to clients from countries without equivalent laws, in practice this means they can decide if they wish to declare their earnings or ownership to their own government and its tax authorities.

So, Your job is to help people in evading taxes and hide wealth.

 

[Chakar The Great]

A long way to for Pakistan.

Pak 136 vs India 77

In the last two years India has climbed 53 notches, Stunning performance.

 

[313ghazi]

New Zealand top of the rankings.

http://www.doingbusiness.org/en/rankings

I help set up businesses for new clients every week, quite a few off shore clients. I can set up a non-resident trust with a corporate trustee, have a trading company registered with companies office and registered for tax and GST, business bank accounts set up and active and have the business ready to trade within 24 hours.

Our charge for this service is about $1500 NZ, or about $1000 US. The real advantage for foreign clients with this structure is complete anonymity. Under New Zealand trust law the corporate trust owns the trading company, the client can remain anonymous without any reference to themselves personally.

I have some difficulty explaining this to clients from countries without equivalent laws, in practice this means they can decide if they wish to declare their earnings or ownership to their own government and its tax authorities.

How wonderfully efficient!

 

[Ahmad Sajjad Paracha]

I think we should target the 75 rank within 1 year. Any suggestion on how this could be done ?

 

[patero]

So, Your job is to help people in evading taxes and hide wealth.

No we still operate entirely within our nations tax laws, what we do is tax minimization not tax evasion (deliberate intent) . Under the structures we employ, our clients still pay tax to the New Zealand IRD, what they decide to do outside of our country with regards to income disclosure is out of our hands.

We don't officially advise foreign clients on what they should disclose to their own tax authorities, that could implicate us in tax evasion schemes. Foreign clients sometimes have other reasons to keep their financial affairs private, again that's not our place to judge, we merely provide the legal vehicle through which they can make their own determination.

 

[Dubious]

Ease of Doing Business: Pakistan jumps 11 spots in World Bank’s latest report
October 31, 2018

Samaa Digital

Pakistan has improved its ranking by climbing up 11 notches in World Bank’s annual Doing Business Report 2019, a press release said on Wednesday.

The report measures the performance in ease of doing business in 190 countries. Pakistan moved from 147 to 136, Adviser to the Prime Minister on Commerce, Textile, Industries and Investment Razzak Dawood announced at a press briefing held by Board of Investment (BOI).

On the measure of absolute progress towards best practices, Pakistan improved its score to 55.3 from 52.8.

Pakistan made three main reforms that helped the country improve its ranking in the SB’s global index, which was launched in 2002.

Pakistan made ‘Starting a Business’ easier by introducing an online one-stop registration system, replacing several forms for incorporation with a single application and establishing information exchange between the SECP and the FBR, the statement said. “This change applies to both Karachi and Lahore,” it said. As per the report, Pakistan has reduced the number of procedures, days and cost of starting a business and witnessed its biggest jump in the area in over a decade.

Among other reforms, registering property in Lahore was made easier by streamlining and automating administrative procedures and by increasing the transparency of its land administration system. In Karachi, ‘Registering Property’ was made easier by increasing the transparency of the land registry. The most notable change in this area was reducing the number of days for registering a property to 26, less than half of the previous duration (56 days).

The government also introduced the reorganisation procedure and improved the continuation of the debtors’ business during insolvency (bankruptcy) proceedings for Karachi and Lahore.

Besides these reforms, other data corrections also contributed to the unprecedented improvement in the ranking of Pakistan, said Fareena Mazhar, executive director general, BOI. For example, getting an electricity connection now takes 185 days as compared to 215, previously.

The improvement was a result of combined efforts under the Prime Minister’s Steering Committee on Doing Business Reforms, she said.

https://www.samaa.tv/news/2018/10/e...-jumps-11-spots-in-world-banks-latest-report/


What I dont get is why are people comparing with india? We should check our own PROGRESS. ...and this news spells progress! We are in financial crisis and we still manage to jump up a few notches is good news....in comparison to our present position that is!