Pakistan’s Tax Collection Soars, Salaried Class Contributes Rs. 368 Billion in FY24
According to the latest data released by the Federal Board of Revenue (FBR), Pakistan’s salaried class contributed Rs. 368 billion in taxes during the fiscal year 2023-24 (FY24), marking a significant 40 percent increase compared to the previous year. This surge translates into an additional Rs. 103 billion in tax payments from salaried individuals.
The FBR’s revenue collection from various sources showed notable growth across the board. The highest revenue came from contracts, with Rs. 496 billion collected. Bank interest and securities followed closely, contributing Rs. 489 billion.
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Tax collection from dividend payments saw a remarkable increase of 70 percent, reaching Rs. 145 billion. Taxes on electricity bills also saw a 30 percent rise, totaling Rs. 124 billion.
The real estate sector showed strong tax performance, with Rs. 104 billion collected from property purchases and an additional Rs. 95 billion from property sales. Furthermore, the export sector contributed Rs. 94 billion in taxes.
These figures underscore a broad-based improvement in Pakistan’s tax revenue, highlighting the government’s efforts to strengthen fiscal management and improve tax compliance.
