World Bank approves $150 million to improve Karachi property tax collection
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The World Bank approved a $150 million programme to help the Sindh government improve urban property tax collection and municipal service delivery in 25 towns of Karachi, Pakistan.
The Sindh Property Revenues Enhancement Programme aims to assist local councils in managing their own finances. Currently, these councils rely on provincial transfers for more than 95 per cent of their revenue. The programme will help the Sindh government improve the collection of urban immovable property tax from residents and businesses.
The project will benefit 3.58 million people living in the participating local councils. The World Bank plans to reinvest about 70 per cent of the collected tax revenue directly into local municipal infrastructure and services. This initiative intends to help the cities achieve fiscal sustainability so they can fund their own development projects.
