Karachi Tops Pakistan’s Tax Revenue Contributors for FY24

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.