Pakistan’s Salaried Class Pays 40% More Tax in FY 2024

Islamabad:Pakistan’s salaried class contributed a total of 368 billion rupees in taxes during the fiscal year 2024, marking a 40% increase compared to the total taxes paid in the previous fiscal year 2023.
According to the latest data released by the Federal Board of Revenue (FBR), the tax collection from the salaried class saw a 40% rise in FY 2024, which amounts to an increase of approximately 103 billion rupees over the span of one year.
Media reports indicate that taxes collected from contracts, bank interest, and securities topped the list of revenue sources. FBR collected 496 billion rupees from contracts, while tax collection from bank interest and securities stood at 489 billion rupees.
Tax payments on profits surged by about 70%, reaching 145 billion rupees, while tax collection on electricity bills also saw a 30% increase, totaling 124 billion rupees. Taxes on property purchases amounted to 104 billion rupees, while the tax collection from property sales stood at 95 billion rupees. Additionally, the export sector contributed 94 billion rupees in taxes.