Wednesday, November 13, 2024

FBR’s Withholding Tax Revenue Surges 36.5% to Rs2.74 Trillion

The Federal Board of Revenue (FBR) in Pakistan has reported collecting Rs2.74 trillion in Withholding Taxes (WHT) so far this fiscal year, reflecting a 36.5% increase from last year’s Rs2.007 trillion. The primary driver of this surge has been taxes on contracts, which contributed the largest share.

The data shows growth across all major WHT categories, with dividends leading the rise at 69.9%. Other areas seeing marked increases include Technical Fees (53.6%), Profit on Debt/Bank Interest & Securities (52.8%), salaries (39.3%), and the sale of immovable property (37%).

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The largest share of WHT came from contract payments (18%), followed by Profit on Debt/Bank Interest (18%), salaries (13%), dividends (5%), and electricity bills (5%). Together, these five categories accounted for 59% of the total WHT collected.

According to Mettis Global, WHT now makes up 29.47% of Pakistan’s total revenue of Rs9.299 trillion, up from 28.02% last year, signaling its growing contribution to the national treasury.

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Zayn
Zayn
Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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