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Karachi has recorded a strong 29 percent increase in tax revenue during the 2024–26 financial year, highlighting the city’s vital role in Pakistan’s economy.
Despite national economic challenges, the city led the way in both federal and provincial tax collections, as reported by Dawn news.
The Federal Board of Revenue (FBR) offices in Karachi, including the Large Taxpayers Office (LTO), contributed significantly to this growth.
LTO Karachi alone collected Rs 3.25 trillion this year, compared to Rs 2.51 trillion last year – a rise of nearly 29.5 percent.
In June 2024, the office achieved a single-day record of Rs 184.7 billion and closed the month with a total collection of Rs 449 billion, marking a 48 percent year-on-year increase.
Major tax categories also showed strong performance. Income tax collection rose by 32 percent to Rs 798 billion. Sales tax went up by 21 percent, reaching Rs 1.235 trillion.
The Federal Excise Duty (FED) showed the largest jump of 63 percent, climbing to Rs 222.2 billion. These figures do not include taxes collected from port-related activities.
Meanwhile, the Sindh Revenue Board (SRB) also showed impressive growth, collecting Rs 306.6 billion in 2023–24, up from Rs 236.8 billion the previous year.
In June alone, SRB deposited Rs 40.5 billion – the highest monthly figure in its history, this amount was 44 percent more than June 2023 and 3 percent higher than May 2024.
SRB Chairman Dr. Wasif Ali Memon praised the staff’s dedication and the political support from the Sindh government.
He said SRB is now preparing to face new challenges in the upcoming financial year, including the collection of agricultural income tax and implementation of a new negative list, both starting from July 1, 2025.
