The Large Taxpayer Office (LTO) Karachi has collected 30.7% taxes of total revenue, the highest tax collection from a city in the country, in terms of income tax, sales tax, customs duty, and federal excise duty.
With 17.1% and 14.2% tax collections, the LTOs in Lahore and Islamabad secured the second and third spots, respectively, The News reported.
The Federal Board of Revenue (FBR) Year Book for 2023-2024 shows that the share of indirect taxes was 51.3% and the share of direct taxes, including withholding taxes, was 48.7%.
Direct taxes totalled Rs4,531 billion, marking a substantial 38.5% increase over the Rs3,271 billion collected in the previous fiscal year (2022-23). Refunds totalling Rs52 billion were given to claimants during the same fiscal year. Income tax, workers’ welfare fund/workers profit participation fund, and capital value tax are all sources of revenue under direct taxation. Particularly, withholding taxes, advance taxes, payments with returns, and collection on demand are all included in the income tax category.
Compared to the Rs162 billion collected in the previous fiscal year, the total revenue from collection on demand in the fiscal year 2023-2024 was around Rs127 billion, a 21.5% decrease.
A significant 57% rise in advance tax collection was witnessed in FY24, when it climbed from Rs975 billion to Rs1,530 billion in FY2022-23.
Payments with returns category encompasses payments made at the time of submission of annual Income Tax Returns. For FY2023-24, collections equalled Rs162 billion, compared to Rs119 billion in the previous fiscal year, marking a growth of 35.8%.
In fiscal year 2023-24, withholding tax (WHT) collection boosted to Rs2,740 billion, a significant increase from Rs2,007 billion in the previous fiscal, marking a growth of 36.5%. All major WHT categories experienced positive growth.
Notably, the WHT from dividends saw the highest increase at around 69.9%. This was followed by growth in collections from technical fees, profit on debt/ bank interest & securities, salaries, and the sale of immovable property, which grew by 53.6, 52.8, 39.3 and 37.0%, respectively.
Sales tax collections totalled Rs3,087 billion in the 2023-24 fiscal year, which is Rs495 billion more than the previous fiscal year. This represents about 33.2% of the total tax collection.
Sales tax collected at the import stage grew by 17.0%, while domestic sales tax saw an increase of about 22.6%. The sales tax target for the year was achieved to 85.6% of the set goal. The net collection of sales tax domestic (STD) for FY2023-24 reached Rs1,222.8 billion, marking an increase of 22.6% from Rs997.8 billion in the previous fiscal year. This represents an additional revenue of Rs225.0 billion compared to the FY23.
As much as 62.4% of the STD revenue was contributed by 15 sectors, including electrical energy, POL products, sugar, cement, cigarettes, and cotton yarn. Electrical energy has become the leading contributor, accounting for 22.5% of the total, driven by an increase in power tariffs. Conversely, the contribution from POL products decreased from 11.9% in the 2022-23 fiscal year to 9% in FY2023-24.
All listed major revenue-generating items showed positive growth, except for natural gas and POL products. Sales tax on imports (STM) collection amounted to Rs1,863.9 billion, up from Rs1,593.5 billion in the 2022-23 fiscal year, showing a growth of 17%. Customs duty collection showed a positive growth of 18.5%. The net collection for FY24 amounted to Rs1,104.1 billion, up from Rs931.7 billion in the 2022-23 fiscal, contributing around 12% to the total FBR revenues for the current fiscal.
Net collection from the federal excise duty (FED) surged by 56.1%, rising from Rs369.9 billion in the previous fiscal year to Rs577.4 billion in FY2024. Consequently, the FED’s contribution increased from 5.2% to 6.2%. Major contributors to FED revenues include sectors such as cigarettes, cement, concentrates for beverages/ foods, and air travel. All major sectors, with the exceptions of concentrates and motor cars, experienced positive growth in the 2023-24 fiscal year.
Nguồn bài viết : Bảng đặc biệt năm 2025
