Salaried class pays Rs368 billion to become third largest taxpayer group

The salaried class has become the third-largest contributor to taxes in Pakistan, with a significant increase of nearly 40% in tax collection during the fiscal year 2023-24.

The salaried class paid a total of 368 billion rupees in taxes during this period. Compared to the previous year (2022-23), they paid 103.74 billion rupees, denoting a 39.3% increase in tax contributions from this group.

Contracts, bank interest, and securities topped the list of tax sources. Taxes collected from contracts reached 496 billion rupees, reflecting an increase of over 106 billion rupees. Meanwhile, taxes from bank interest and securities amounted to 489 billion rupees, marking a 52.8% annual increase.

Additionally, taxes on dividend income saw a 70% rise, totalling 145 billion rupees. Taxes on electricity bills increased by 30%, with 124 billion rupees collected. Property taxes from purchases and sales were 104 billion and 95 billion rupees, respectively. Taxes on telephone bills grew by 14.3%, amounting to nearly 100 billion rupees.

The export sector contributed 94 billion rupees in taxes, reflecting a 27.2% increase.

Other taxed areas included technical fees, cash withdrawals, commissions, and retailer purchases.