5/16/2023 0 Comments It takes two levels![]() ![]() Chundrigar Road (formerly McLeod Road), also known as the Wall Street of the city, remains the historical commercial hub of Karachi and is its main CBD. Karachi's contribution to national revenue is around 55%. Revenue collected from Karachi includes revenue from some other areas since the Large Tax Unit (LTU) Karachi and Regional Tax Offices (RTOs) Karachi, Hyderabad, Sukkur and Quetta cover the entire province of Sindh and Baluchistan. Therefore, Karachi collects a significant 53.38% of the total collections of the Federal Board of Revenue, out of which 53.33% are customs duty and sales tax on imports. ![]() Karachi also accounts for 75.14% of customs duty and 79% of sales tax on imports. According to the Pakistan Federal Board of Revenue's 2006-2007 year-book, tax and customs units in Karachi were responsible for 70.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation. Textiles, cement, steel, heavy machinery, chemicals, food, banking and insurance are the major industrial sectors contributing to Karachi's GDP. Karachi's high GDP is based on its large industrial base, with a high dependency also on the financial services sector. It confirmed Karachi’s status as Pakistan’s largest economy, well ahead of the next two biggest cities Lahore and Faisalabad, which had a reported GDP (PPP) in 2008 of $40 billion and $20.5 billion, respectively. A PricewaterhouseCoopers study released in 2009, which surveyed the 2008 GDP of the top cities in the world, calculated Karachi’s GDP (PPP) to be $75 billion (projected to be $193 billion in 2025 at a growth rate of 5.5%). As of 2014, it was reported as $114 billion. Karachi’s GDP was estimate in 2015 to be around 25% of the total GDP of Pakistan. Source: Ī substantial chunk of Sindh’s GDP, around 95% is attributed to Karachi (the GDP of Sindh as a percentage of Pakistan’s total GDP has traditionally hovered around 25%/30%). Pakistan and its two largest city economies. ![]()
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