Only 12 Filers Report Over Rs. 10 Billion Income in FY24

Despite 5.9 million tax returns filed for the fiscal year 2024-25, 43.3 percent of filers reported zero taxable income. Only 3,651 individuals declared taxable income exceeding Rs. 100 million, while just 12 people reported wealth above Rs. 10 billion in returns filed for fiscal year 2023-24. Official data shows the number of filers has declined from 6.8 million in 2023 to 5.9 million this year, with individual filers at 5.8 million, Association of Persons (AOPs) at 104,269, and companies at 87,900. The Federal Board of Revenue (FBR) noted that out of 300,000 industrial electricity connections, only 87,000 companies submitted tax returns. 1.3 million filers declared income between Rs. 1 million and Rs. 5 million, while only 97,326 filers reported income between Rs. 5 million and Rs. 10 million. A mere 49,359 filers declared income between Rs. 10 million and Rs. 50 million, and just 4,370 individuals reported earnings between Rs. 50 million and Rs. 100 million. Despite the total declared income surpassing Rs. 10 trillion, the net tax collected stood at Rs. 2.9 trillion.