In the fiscal year 2024, salaried individuals in Pakistan have significantly contributed to tax revenues, surpassing textile exporters.
Recent data shows that salaried employees contributed 367.8 billion in taxes, considerably higher than the 111.23 billion rupees contributed by the textile sector. The banking sector led with a contribution of 946 billion rupees, followed by the petroleum sector, which paid approximately 413.48 billion rupees.
This shift indicates that the salaried class has become the third-largest tax-paying group in the country, trailing only behind the petroleum and banking sectors. Income tax payments from salaried individuals increased substantially by 39.42% from the previous year, from 263.8 billion rupees in 2023 to 367.8 billion in 2024.
Read: Income Tax Calculator 2024-25: Calculate Your Salary Deductions
Meanwhile, textile exporters reported goods exports valued at 16.655 billion dollars in addition to their tax contributions. The banking sector showed a robust increase in its tax contributions, with income tax payments rising from 568.68 billion rupees in fiscal year 2023 to 946.08 billion rupees in 2024.
