At the Corporate Philanthropy Awards 2024, organized by the Pakistan Centre for Philanthropy (PCP) on Tuesday, Minister of State for Finance and Revenue Ali Pervaiz Malik stated the government’s ongoing efforts to expand the tax base, which could eventually lead to reduced tax rates for the formal sector.
Addressing the audience, Malik expressed his commitment to advocating for private sector involvement in philanthropy, acknowledging Pakistan’s fiscal constraints and high tax rates. He assured attendees that the government is aware of the economic challenges businesses face, including taxation and energy issues, and is committed to reforms that will foster sustainable growth.
The minister highlighted early signs of economic recovery, such as reduced inflation, stable exchange rates, and improved credit ratings, as indicators of progress. He praised the corporate sector’s contributions to philanthropy, emphasizing the critical role businesses play in driving sustainable and inclusive development.
Zaffar A. Khan, Chairman of the PCP Board of Directors, underscored the importance of corporate philanthropy in supporting government and civil society efforts for sustainable development. PCP’s latest report revealed that business donations in Pakistan reached Rs. 23.65 billion in 2023, up from Rs. 16.76 billion in 2022. Publicly listed companies contributed the largest share, with significant donations also coming from public unlisted and private limited companies.
The report also highlighted the corporate sector’s increased support during the 2022 floods, with Bank Alfalah Limited, Mari Petroleum Company Limited, and United Bank Limited leading the contributions.
The award ceremony recognized 18 companies for their outstanding philanthropic efforts, based on donation volume and percentage relative to Profit Before Tax (PBT). Honorees included Mari Petroleum Company Ltd, Pakistan Petroleum Ltd, Oil & Gas Development Company Ltd, and several others.
The event was attended by notable figures such as Dr. Attiya Inayatullah, Chairperson of the PCP Research Committee, Shazia Maqsood Amjad, Executive Director of PCP, and representatives from leading corporate firms and civil society organizations.
