ISLAMABAD: Approximately 65% of the income tax collected in FY24 came from the top 28 sectors, reflecting a concentration of tax collection in the established industrial and service sectors.
According to Federal Board of Revenue data, the share of all other items and services accounted for 35.23 percent in FY24, highlighting the narrow base of income tax collection.
Approximately 42% of taxes collected in FY24 come from seven important sectors. These industries include sugar, telecom, banks, textiles, petroleum products, electricity, and sugar. However, the remaining 21 goods and services brought in over 23% of the total revenue from taxes.
The FBR collected Rs1.896 trillion from seven sectors in FY24, up 35.7 percent from Rs1.397 trillion the year before. Because of the increases in prices and tax rates throughout the year, this gain is noteworthy.
In FY24, income tax revenue from 21 goods and services totaled Rs1.038 trillion, up 35.86 percent over the previous year’s Rs0.764 trillion. In FY24, other revenue totaled Rs1.596 trillion, up 44% over the previous year’s Rs1.108 trillion.
According to a breakdown of 21 sectors, FBR earned Rs268.96 billion from services in FY24, a 54% rise from Rs174.97 billion the year before. Food product revenue rose 20 percent to Rs76.52 billion from Rs63.94 billion the year before.
The tobacco industry brought in a total of Rs24.26 billion for the FBR, up 43% from Rs16.98 billion the year before. The car industry’s collection also saw a significant 48 percent gain, coming in at Rs49.76 billion as opposed to Rs33.52 billion.
