FBR collects Rs2.74 trillion in withholding taxes for FY24

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs2.74 trillion in Withholding Taxes (WHT) during the ongoing fiscal year with taxes on contracts being the largest contributor.

This shows an increase of 36.5 per cent from Rs2.007 trillion collected last year. All major WHT categories saw growth, with dividends experiencing the highest rise at 69.9 per cent.

Other significant increases included Technical Fees (53.6 per cent), Profit on Debt/Bank Interest & Securities (52.8 per cent), salaries (39.3 per cent) and the sale of immovable property (37 per cent).

The largest portion of WHT came from contract payments (18 per cent), followed by Profit on Debt/Bank Interest (18 per cent), salaries (13 per cent), dividends (5 per cent) and electricity bills (5 per cent).

These five categories made up 59 per cent of the total WHT collection.

According to Mettis Global, WHT accounted for 29.47 per cent of the total Rs9.299 trillion revenue, up from 28.02 per cent the previous year.

Read next: Intraday trade: PKR declines nine paisa against USD