The salaried class emerged once again as the top contributor to tax revenue during the first quarter of the current fiscal year, official sources informed Nukta.
From July to September, salaried employees collectively paid PKR 130 billion in income taxes, according to data shared by sources in the Federal Board of Revenue (FBR).
This marks an increase of approximately PKR 20 billion compared to the same period last fiscal year, when the salaried class paid PKR 110 billion in income taxes.
The figures indicate that salaried individuals contributed 18% more in taxes during the first quarter of the current fiscal year than they did during the same quarter last year.
In the entire previous fiscal year, salaried individuals contributed a total of PKR 553 billion in taxes.
Despite the increase in individual tax contributions, the FBR is facing a revenue shortfall exceeding PKR 200 billion for the first quarter of the current fiscal year, sources said.
One major factor behind the shortfall is the impact of floods, which are estimated to have caused a loss of PKR 70 billion in tax revenue from July to September.
Overall, the FBR’s revenue collection growth was limited to 12.5% in the first quarter.
During the same period, income tax revenue rose by 11%, sales tax collection saw a 13% increase, federal excise duty increased by 26%, and Customs duty grew by 13%, according to the data.
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