Pakistan's salaried class pays PKR 331 billion tax in 8 months

The income tax contributions of Pakistan’s salaried class have surged to PKR 331 billion in the first eight months of the current fiscal year, marking an increase of PKR 115 billion compared to the same period last year.

Sources said that non-corporate sector employees paid PKR 140 billion in income tax — an increase of PKR 100 billion from the previous year — while corporate sector employees paid PKR 100 billion in income tax, an increase of PKR 34 billion.

Meanwhile, provincial government employees paid PKR 56 billion, almost double the previous year’s figure of PKR 18 billion and federal government employees paid PKR 33 billion, an increase of PKR 13 billion from last year's PKR 20 billion.

In the budget for the current fiscal year, the government with the approval of the International Monetary Fund (IMF) had imposed up to 35% tax income tax on salaried individuals.

Sources said that during the first eight months, exporters also contributed PKR 58 billion on the account of 1% advance tax on exports proceeds.

An amount of PKR 60 billion was collected by the Federal Board of Revenue under section 154(1) on realization of 1% of the exporters' proceeds.

Data shows that FBR also collected PKR 74 billion in the first eight months from sales and transfer of immovable properties, an increase of PKR 17 billion compared to the same period of last fiscal year.

Sources said that FBR collected PKR 242 billion profit on debt from bank accounts/depositors, PKR 29 billion profit on debt from government securities, PKR 19 billion from NSC/PO depositors and PKR 58 billion on the account of dividend tax.