ISLAMABAD:
The federal government is likely to further increase the tax burden on salaried individuals, with total tax collection from this segment expected to reach Rs570 billion in the ongoing fiscal year 2024-25. This means that the salaried class will pay 55% more tax compared to the previous year.
According to the Federal Board of Revenue (FBR), salaried individuals contributed Rs368 billion in taxes last year, while Rs243 billion has already been collected in the first six months of the current fiscal year. This marks a 300% increase in tax collection from employees compared to the first six months of the previous year.
The FBR data shows that five years ago, annual tax collection from the salaried class stood at Rs129 billion. In 2019-20, it was Rs129 billion, rising to Rs152 billion in 2020-21, and further increasing to Rs189 billion in 2021-22. In 2022-23, tax collection from salaried employees surged to Rs264 billion. The salaried class has now become the third-largest tax-paying sector.
Source link
