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Pakistan’s gross domestic product has fallen

Pakistan’s gross domestic product has fallen. The World Bank’s chief tax expert, Sebastian James, has said that Pakistan’s gross domestic product (GDP) has fallen below average over the past two years. He also noted that excessive taxation contributes to the country’s economic woes. He said the tax cuts were undeniable, as they caused financial problems for the department because early repayments were not made in Pakistan. James made the remarks during a webinar hosted by Pakistan Development Policy Series 2021 at the World Bank. Special Assistant to the Minister of Lands and Taxation, Dr. Waqar Masood, during a webinar, said the government is reforming the tax evasion system. So far, there are 65 types of taxes in Pakistan, which the government plans to remove 40 over the next two years, starting with the upcoming budget for 2021-2022. Pakistan’s WB president Najy Benhassine, meanwhile, said Pakistan’s tax burden was too narrow,…