Rs1.22 Trillion Tax Haul. Auto Wins, Refineries Sink in 2024

Pakistan’s biggest companies paid Rs1.22 trillion in direct taxes in 2024, up 2.2% from last year, making up 23.6% of all direct taxes the country collected. A news report says car makers led the pack with a huge 62% jump in taxes paid, followed by fertiliser companies at 19%, investment banks at 15%, regular banks at 12%, textiles at 10%, and cement at 9%.

Even with this rise, the government cut its tax goal for 2025 to Rs12.35 trillion from Rs12.97 trillion after talks with the IMF. Last year (FY24), direct taxes hit Rs5.16 trillion, up 33%, and total taxes grew 27% to Rs10.47 trillion. For the first half of 2025, direct taxes reached Rs2.78 trillion, a 29% jump, with KSE-100 companies chipping in Rs687 billion—24.71% of the total, up 10% from last year.

Not everyone did well, though. Refineries tanked with a 47% drop in taxes paid, chemicals fell 30%, oil sellers (OMCs) dropped 27%, and oil and gas explorers (E&P) slipped 18%. Banks paid 12% more despite a tax hike from 49% to 54%, including an extra 10% super tax. In E&P, a 35% tax rise this year came because a big tax break from 2024 was gone.

Fertiliser companies saw a 19% boost from higher prices on urea and DAP, and cement jumped 34% thanks to cheaper loans. But oil sellers paid 10% less tax because fuel prices dropped, cutting their earnings. Even with ups and downs, KSE-100 companies are key to Pakistan’s tax cash, and government moves will keep shaking things up