As per the official documents, ARY News reported that the salaried class has become the third-largest contributor to the country’s revenue with a collection of Rs368 billion during the fiscal year 2023-24. This shows an upward surge of 39.3% or Rs103.74 billion from the previous year. The collection of taxes from salaried individuals in Pakistan now surpasses many sectors, entailing the steep role of salaried people in generating revenue for the country.

Despite such a remarkable contribution by the salaried class, taxes from contracts, bank interest, and securities continued to top the chart. Contracts alone raked in Rs496 billion with an increase of over Rs106 billion compared to last year. Taxes on bank interest and securities fetched Rs489 billion as it showed a 52.8% increase compared to a year ago.

Gains from other sectors were equally impressive. A tax on profit distribution rose 70% to Rs 145 billion. Similarly, collection through electricity bills increased by 30% and reached Rs 124 billion. Revenue through the sale and purchase of real estate stood at Rs 104 billion and Rs 95 billion, respectively.

Taxes collected from telephone bills increased by 14.3% and reached Rs100 billion, while the export sector contributed Rs94 billion, which is 27.2% higher. Other areas of increase included technical fees, commissions, cash withdrawals, and retailer purchases.

Addressing “Think Fest 2025” in Lahore, Federal Board of Revenue Chairman Rashid Mahmood Langrial said 60 percent of the population of the country falls below the threshold limit for paying income tax. However, he mentioned the presence of about 6.7 lakh people, including the ultra-rich, who must pay the taxes but get away with it.

Langrial also expressed sorrow over the unequal tax system in Pakistan, as some of the strongest critics were actually tax evaders themselves. He demanded accountability and reforms for equal contribution by all classes in paying taxes.

Also, see:

Ihsanullah comes out of PSL retirement, says it was only an emotional decision

Topics #featured #trending pakistan