In Pakistan, the salaried class is now the third-largest tax payer.

With a nearly 40% increase in tax revenue for the fiscal year 2023-2024, the salaried class has become Pakistan’s third-largest provider of tax revenue.

Taxes received from salaried individuals totaled Rs368 billion, up Rs103.74 billion from the year before, according to the Federal Board of Revenue (FBR).

The tax revenue from the salaried class has increased by 39.3% annually, according to FBR figures.

With contracts alone generating Rs496 billion, a rise of more than Rs106 billion, contracts, bank interest, and securities were the leading revenue sources.

With an annual growth of 52.8%, the total amount of taxes collected on bank interest and securities was Rs 489 billion. At Rs145 billion, dividend payment revenue increased by a noteworthy 70%. Electricity bill taxes rose by 30%, bringing in Rs 124 billion.

Significant contributions were also made by real estate transactions, with Rs 95 billion coming from sales and Rs 104 billion from purchases. Taxes on phone bills increased by 14.3%, bringing in around Rs100 billion.

With a contribution of Rs94 billion, the export sector increased by 27.2%.

Technical fees, cash withdrawals, commissions, and retail purchases were additional sources of income.