Karachi has once again proven its economic importance by maintaining its position as Pakistan’s top tax contributor, as highlighted in the Federal Board of Revenue’s (FBR) 2023-24 report. The city continues to play a pivotal role in the country’s financial stability, showcasing the strength of its business community and the robustness of its economic activities.
The report revealed that Karachi’s Large Tax Office (LTO) collected an impressive Rs2,522 billion during the fiscal year. This includes Rs1,360 billion from income tax and Rs1,000 billion from sales tax, underlining the city’s contribution to the national revenue. These figures reflect Karachi’s status as Pakistan’s economic hub, driven by a wide range of industries, businesses, and trade activities.
Following Karachi, Lahore secured the second position, collecting Rs1,402 billion. Islamabad ranked third with Rs1,164 billion in tax revenue. Together, these cities play an essential role in supporting Pakistan’s financial framework, contributing a significant portion of the total national tax collection.
The continued strong performance by Karachi highlights the importance of fostering business-friendly policies to sustain and grow this momentum. It also sheds light on the need for strategic investments in infrastructure, services, and governance to support the economic ecosystem in these cities.
The data provided by the FBR serves as a reminder of the critical role urban centers play in driving economic growth. Karachi’s leadership in tax contribution underscores its position as the backbone of Pakistan’s economy, while the notable performances of Lahore and Islamabad demonstrate the potential of other cities in supporting national financial objectives.
With consistent efforts and effective policies, Pakistan can further strengthen its urban economies, ensuring long-term stability and growth for the entire nation.
