Advertisement
News

Karachi Tops Pakistan’s Tax Revenue Contributors for FY24

Advertisement

Karachi has been recognized as Pakistan’s leading tax revenue contributor for the fiscal year 2024, significantly bolstering the country’s economy, the Federal Board of Revenue (FBR) reported.

The city contributed an impressive Rs1.36 trillion in income tax, Rs136.3 million in federal excise duty, and over Rs1 trillion in sales tax, outpacing other major cities and reaffirming its status as a key financial hub.

Following Karachi, Lahore’s Large Taxpayers Organization (LTO) ranked second, contributing over Rs1.402 trillion, while Islamabad’s LTO secured third place with Rs1.164 trillion in tax revenues.

Despite Karachi’s strong performance, the FBR faces hurdles in FY25, reporting a shortfall of Rs386 billion in the first half. The board collected Rs5,623 billion against a target of Rs6,009 billion, raising concerns about meeting annual revenue goals.

Advertisement
News Desk

Recent Posts

Senior Russian General Killed in Car Bomb Near Moscow

A senior Russian military official, Major General Yaroslav Moskalik, was killed on Friday in a…

20 hours ago

LUMS Launches CeDAR to Drive Blockchain and Web 3.0 Innovation in Pakistan

The Center for Digital Assets Research (CeDAR) at LUMS was officially launched on April 24,…

20 hours ago

IPAK Group Posts Strong Q3 Results

International Packaging Films Limited (IPAK) Group has recorded 66% increase in its revenues for the…

20 hours ago

AKU, Local and Global Partners Launch Landmark Malaria Elimination Project in Thatta

The Aga Khan University (AKU) marked World Malaria Day with the launch of the Thatta…

20 hours ago

Stanford Scientists Unveil Solar Panels That Work at Night

Researchers at Stanford University have unveiled a breakthrough in solar technology: a new type of…

21 hours ago

NDMA Warns of Severe Weather Across Pakistan, PMD Issues Heatwave Alert Ahead of May Storm System

The National Disaster Management Authority (NDMA) has warned of unstable weather conditions across several parts…

21 hours ago