Here are the Highest Taxpayers of Income Tax in Pakistan. Prime Minister Shehbaz Sharif presented awards to the highest taxpayers and exporters of the country at the Tax Excellence Awards 2024 on Tuesday.
According to information obtained by Pakistanalerts, Imtiaz Hussain of Imtiaz Provision Store ranked first on the list of highest taxpayers of income tax in the individual category.
Following Imtiaz Hussain, Musadaq Zulqarnain, the Chairman of Interloop Ltd., secured the second position. Tarique Aziz Channa, the Proprietor of MBC & SONS Builders & Developers, claimed the third spot on the list.
The fourth and fifth positions were attained by Muhammad Haroon Mehmood of Volta and Tariq Rafi of Siddiqsons Group, respectively.
Highest Taxpayers of Income Tax (Companies)
In the category of companies, Muslim Commercial Bank Limited ranked first on the list of Highest Taxpayers of Income Tax. Here is the complete list:
- Muslim Commercial Bank Limited
- United Bank Limited
- Standard Chartered Bank (Pakistan) Limited
- Habib Bank Limited
- National Bank of Pakistan
PM announces incentives for top exporters, taxpayers
The Prime Minister highlighted that Mian Muhammad Mansha, the chairman of Muslim Commercial Bank (MCB), was the highest-income taxpayer, contributing Rs26 billion in income tax.
Furthermore, the PM noted that Style Textile emerged as Pakistan’s largest single exporter, with $522 million worth of goods exported in the previous fiscal year.
In the category of ‘all taxes,’ Pakistan State Oil (PSO) led as the highest taxpayer with Rs167 billion, followed by Pakistan Tobacco Company (PTC), Oil and Gas Development Company Limited (OGDCL), Pak-Arab Refinery (PARCO), Pakistan Petroleum Limited (PPL), and Indus Motors.
While OGDCL actually paid the highest income tax, its contribution was grouped with all categories of taxpayers, thus positioning MCB as the top-income taxpayer.
PM presents awards to 65 top exporters, compliant taxpayers
In the exporters category, Style Textile led with $522 million in exports, followed by Interloop Prvt Limited and Nishat Mills. Ismail Industries, owned by former Finance Minister Miftah Ismail, was the leading exporter of biscuit items, while ICI Pakistan stood out as the highest chemical exporter.
The Prime Minister emphasized that the purpose of the ceremony was to honor the nation’s heroes—those who dutifully paid taxes and contributed to the country’s development through their talents, including small and medium business owners, women entrepreneurs, and those who promoted non-traditional exports.
Bashir Dewan, President of the Pakistan Business Council, expressed that exporters would prefer receiving regionally competitive energy rates over these rewards.
Shehbaz Sharif expressed concern about Pakistan’s poor reputation abroad, noting that even when the country doesn’t approach other nations with a begging bowl, it’s often perceived as such.
PTC acknowledged as one of Pakistan’s leading taxpayers
The government hastily constituted the PIA board on Monday, which met on Tuesday and approved the segregation of PIA for submitting a scheme of arrangement to the Securities and Exchange Commission of Pakistan, a crucial step towards privatization.
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The PM highlighted that the restructuring of the Federal Board of Revenue (FBR) is progressing rapidly. Here are the Highest Taxpayers of Income Tax in Pakistan, The government intends to appoint international consultants next month to digitize the tax system. He mentioned that around Rs2.7 trillion in tax revenues are under litigation and requested the Chief Justice of Pakistan to expedite the resolution of these pending cases.