Speaking at the Corporate Philanthropy Awards 2024, organized by the Pakistan Centre for Philanthropy (PCP) on Tuesday, Malik acknowledged the challenges businesses face due to heavy taxation, especially in an environment where infrastructure and services often fall short of expectations.
He noted that Pakistan’s limited fiscal space has led to some of the highest tax rates globally but emphasized the government’s commitment to reforms. “We continue to expand the tax base and will definitely be in a position to reduce tax rates on the formal sector,” he said, adding that this would encourage corporate philanthropy and sustainable growth.
Celebrating Corporate Philanthropy
The event recognized significant contributions by the corporate sector to social causes. According to PCP’s latest corporate philanthropy report, businesses in Pakistan collectively donated Rs23.65 billion in 2023, a significant increase from Rs16.76 billion in 2022. Public Listed Companies (PLCs) contributed the lion’s share of Rs17.69 billion, followed by Public Unlisted Companies (PUCs) with Rs2.60 billion and Private Limited Companies (PvLCs) with Rs3.36 billion.
The surge in corporate giving was particularly notable during the 2022 floods, with Bank Alfalah Limited, Mari Petroleum Company Limited, and United Bank Limited emerging as top contributors, donating Rs2,180 million, Rs500 million, and Rs468 million, respectively.
Corporate Philanthropy Awards 2024
The awards honored 18 companies for their significant contributions, both in terms of donation volume and as a percentage of profit before tax (PBT). Notable recipients included Mari Petroleum Company Ltd, Pakistan Petroleum Ltd, Oil and Gas Development Company Ltd, Sanghar Sugar Mills Ltd, and Yunus Textile Mills Ltd, among others.
Zafar A. Khan, Chairman of PCP’s Board of Directors, lauded the corporate sector for supplementing government and civil society efforts toward sustainable development. Executive Director Shazia Maqsood Amjad presented the report’s highlights, showcasing the transformative potential of corporate philanthropy in addressing Pakistan’s social challenges.
Minister Ali Pervaiz Malik concluded by emphasizing the critical role of corporate philanthropy in driving sustainable and inclusive development. “Your work uplifts lives, strengthens communities, and showcases the strength of Pakistani resilience and generosity on the global stage,” he said.
As Pakistan continues its reform journey, businesses and policymakers alike are optimistic that a more balanced tax regime will further enhance corporate contributions to societal development while fostering economic growth.
