In the fiscal year 2024, Pakistan’s salaried workers emerged as the third-largest group paying income taxes, overtaking the contributions made by textile exporters. This group paid a total of Rs367.8 billion in income tax, marking a 39.42% increase compared to the previous year.
Banks were the top contributors, paying Rs946.08 billion in taxes, a 66% increase from the previous year. Textile exporters contributed Rs111.23 billion. Meanwhile, federal taxes on petroleum products reached Rs1.195 trillion, which included Rs413.48 billion from income tax alone.
The power sector also saw a significant rise in tax collections, with a 38.7% increase to Rs640.61 billion. Although the taxes on petroleum and electricity are high and contribute to inflation, other industries like telecommunications and pharmaceuticals also showed growth in tax contributions.
These figures highlight the increasing tax burden on various sectors of the economy, particularly on salaried workers and the energy sector, while also indicating positive growth in other areas.
This growth in tax revenue reflects the government’s efforts to increase tax collection and broadens the tax base across different industries.
