Right Tax Advisor offers general Business Tax Rates in Pakistan. The taxation system is important in the process of control of the business activity and creating the national income. To plan the finances, meet the Federal Board of Revenue (FBR), and maximize the profit, Pakistani companies have to remain updated with the corporate taxes. Being aware of corporate tax rates will ensure that companies anticipate their liabilities and make excellent investments as well as avoiding the consequences of non-compliance.
Overview of Pakistan Corporate Tax Rates 2025
The taxation structure of corporations in Pakistan is expected to provide a balance between the income collection and economic motivation in 2025. The state can impose a flat rate or a progressive one on the companies, based on their character, turnover, and the legal status. These rates are necessary to be in line with the FBR compliance and liability planning in the future.
Categories of Taxable Businesses
Public limited Companies: Pay the normal corporate tax rate charged by the FBR.
Privatized Limited Companies: Can claim various rates or exemption depending on size, industry or turnover.
Small Businesses & Startups: Special reliefs or low rates: This is given to promote entrepreneurship.
Importance of Compliance
The need to remain within the corporate tax system of 2025 avoids fines, audits and legal concerns. By taking advantage of available exemption or deductions, remaining timely with the filing of returns, and proper documentation, the profit margins can be very high and the effective tax burden can be lower.
Overview of Pakistan’s Business Tax Structure
The tax system of the corporate tax in Pakistan is well established in terms of legal framework and adequate revenue to the country to promote economic growth. The FBR imposes, gathers and implements tax and compliance with its regulations is important to all business.
Key Legislative Frameworks
Income Tax ordinance 2001: The foundation of the corporate tax, rates, exemptions, filing and penalty. It is done to partnerships, private and public companies.
Sales Tax Act 1990: This regulates indirect taxation of goods and services. In the case of manufacturing, trading, and service companies sales tax should be registered and invoicing, filing, and reporting requirements followed. There are usually simplified procedures at a certain point of SMEs.
Other Regulations:Besides direct and indirect taxation, the system by the FBR has withholding taxes, minimum tax requirements, and provincial taxes.
Application Across Business Types
Large Corporations: They are liable to corporate and sales taxes and have to comply with exhaustive reporting obligations.
Small and Medium Enterprises (SMEs): They are entitled to reduced rates, presumptive tax, or less complex compliance schemes because of the incubation of entrepreneurs.
Partnerships: Partnerships should receive payment on their profits with special profit-sharing and reporting provisions.
Overall, the system of corporate tax in Pakistan is a combination of both direct and indirect taxation, ensuring a rather equitable system, which promotes compliance and supports both large corporations and SME. It is vital to know these laws to plan on tax and bring about growth.
Current Corporate Tax Rate in Pakistan (2025)
The corporate tax laws of Pakistan strike a balance between revenue collection and growth of the company in different sectors with 2025 rates being clear. Being aware of these percentages would assist companies in planning their budgets and staying within the FBR framework.
Public and Private Companies
A huge percentage of 29, percent is charged as corporation tax on taxable income of most government and other private corporations, unless it has sectoral deductions or exemptions.
Banks and Insurance Companies
Banks and insurers that are more prone to risk are taxed at a margin of 35 percent under the recommendation of the FBR.
Small and Medium Enterprises (SMEs)
SMEs will enjoy reduced rates and less complex compliance. Their tax is either 20-25% depending on turnover and legal form with presumptive taxation being provided to micro-businesses.
Key Takeaway
The general rate of corporate tax is approximately 29, though, there are industry specific changes, exemptions, and reliefs that should be taken into account. Casual mentioning of FBR guidelines would facilitate compliance and make the best use of 2025 financial planning.
Tax Rates for SMEs and Startups
The Pakistan government promotes innovation and entrepreneurship by providing tax incentives to start ups in the IT and export sectors thus enhancing business activity and foreign investment.
Small and Medium Enterprises (SMEs)
The favourable treatment of SMEs provided under the 2025 Finance Act will trigger growth and formalisation. FBR is categorized into SMEs according to turnover and employment. When companies have lower turnover rates, they are offered reduced rates: Turnover up to PKR 100 millon -15 percent; PKR 100250 millon -20 percent; PKR 250millon and above -25 percent.
IT Startups and Tech-Based Businesses
The government also acknowledges the transformative nature of technology and offers exemption of startups on registered IT and software companies. The advantages are: 100% corporate tax exemption of 10 years with the approval of the Pakistan Software Export Board (PSEB); no taxes on sales of IT exports and digital services; no customs duty and import taxes payable on software development equipment.
Industry-Wise Business Tax Rates in Pakistan (2025)
The corporate tax structure of Pakistan exploits industry-specific rates such that, every industry can make an equal contribution, as it is profitable, compliant, and economically significant. Federal Board of Revenue (FBR) has a well-stratified structure which imposes more rates on the lucrative sectors like the banking and oil sector, whereas, lower rates are provided in export based industries or IT based industries.
Banking Sector
Banking is one of the highly taxed industries in Pakistan due to the stable profitability of this industry as well as a large share of the national income.
Corporate tax rate (2025): 39 %
Special provisions: There is also super-tax payable by banks on high income and they are liable to withholding on the payment of interest, dividends and services. This is a good rate because it provides fiscal equity as the banks enjoy steady profits even in the periods of recession.
Oil & Gas Industry
The oil, gas and energy industries are taxed under special agreements as well as under Petroleum Concession Agreements (PCAs) or Production Sharing Contracts (PSCs).
Corporate tax rate: 40 to 50, which is dependent on the type of agreement.
Incentives: The exploration and development expenditures can be deductible. Tax credits may be given to investment in renewable or energy-efficient infrastructure. These high rates indicate the income of the sector based on resources but it is compensated by the reduction of capital investment and overseas cooperation.
Textile & Manufacturing Sector
The manufacturing sectors and the textile industry are the pillars of the Pakistani export and are given a favourable treatment to keep them competitive.
Corporate tax rate: 29 percent (tax rate).
Incentives: Export tax rebate, lower withholding tax and research and development tax credit. Exporters get zero-rated sales tax which avoids liquidity problems and helps to boost exports.
Real Estate & Construction Sector
The construction and real estate industries play an important role in creating jobs and developing the economy.
Corporate tax rate: 20-25 per cent, according to the organization of business (developer, builder, or REIT).
Special benefits Registered projects under the Construction Package are subject to fixed tax regimes, a lower rate of withholding tax, and no capital value tax (CVT) in certain instances. This is a flexible framework that is meant to draw investment and increase housing and infrastructure activities.
Information Technology (IT) Sector
One of the most popular tax regimes under the 2025 tax regime in Pakistan is the IT sector.
Corporate tax rate: registered IT exporters (within 10 years) 0% and domestic providers of IT services 20%.
Incentives: Tax exemption on income taxes, sales taxes and importation of hardware/software development free of duty. It is these advantages that have made the IT industry in Pakistan a major source of innovation and foreign exchange income that entices startups and foreign firms to create local branches.
In general, the industry-specific rates of taxation are balanced, as the resources-strong and financial delivers are to pay higher taxes whereas export-oriented, IT and manufacturing firms are to receive incentives to grow in a sustainable way in Pakistan.
Minimum and Final Tax Regimes in Pakistan (2025)
The taxation system in the country of Pakistan is provided by the Income Tax Ordinance 2001 according to which corporate taxpayers are to be taxed in two key mechanisms: the Minimum Tax Regime (Section 113) and the Final Tax Regime (FTR). They both are structured in such a way that the businesses make fair contribution even when there is a low level of profits or exemption is taking place.
Minimum Tax (Section 113)
Minimum Tax that is controlled by Section 113 concerns all companies or business entities whether profitable or not. It keeps tax payers with minimal or no taxable income paying a minimum of their turnover in terms of tax.
Present rate (2025): It is usually 1.25 per cent of turnover, but it may be adjusted depending on the individual industries: oil marketing, distributors, and retailers.
Purpose: To avoid tax evasion and to maintain a steady rate of contribution to the government revenue.
Applicability: The applicability covers companies, AOPs and individuals involved in business activities. Where the tax determined at normal rate of income tax is below the minimum tax, it is the minimum tax that will be paid. The aim of this regime is to attack businesses that might report losses in their accounting but still conduct large-scale operations, which will help in promoting fairness and compliance in taxes.
Final Tax Regime (FTR)
Final Tax Regime simplifies taxation on individual types of incomes because it recognizes withholding tax deductions as final discharge of taxing liability. Companies of such a regime do not have to submit regular income evaluations on such income.
Sectors where it is applicable: Exporters, contractors, commercial importers, shipping companies and non-resident service providers.
Examples: Exporters pay 1 -percent tax on export proceeds -considered final tax. Commercial importers pay tax at import stage of 5.5% and this is the obligation of the commercial importer.
Benefits: Makes compliance easier, less work on the part of administration and gives tax certainty to sectors involved in cross-border transactions.
Provincial Business Taxes in Pakistan (2025)
The taxation framework is a federal system in Pakistan with provinces contributing major portion of the taxes on services but the tax on goods and income is controlled by the Federal Board of Revenue. Every province has its Revenue Authority to collect sales tax on services, thus making sure that the local businesses contribute towards the development of the provinces. It is vital to be aware of these authorities to remain in line and not lose out on fines by service-based businesses.
Punjab Revenue Authority (PRA).
The Punjab Sales Tax on Services Act 2012 is administered by the Punjab Revenue Authority and the act is applicable on a broad spectrum of service industries such as the construction, transport, advertisement and hospitality industries.
Normal rate of tax (2025): 16 0% tax on services.
Scope: Every registered service provider in Punjab should pay, collect and submit sales tax using the e-filing system of PRA.
Compliance: Companies will need to be registered to have PRA, they should issue e-invoices and submit monthly returns. This tax is a major fund in the revenue of Punjab and also there is clarity in the running of local service industries.
Sindh Revenue Board (SRB)
The Sindh Revenue Board imposes the Sindh Sales Tax on Services Act 2011, which levies services providers in the Sindh province.
Normal rate: 13 per cent, below Punjab in order to generate investment.
Coverage: Telecom, shipping, banking and franchise services.
Special relief: the IT and software exporters are issued the reduced rates or exemptions to promote innovation and inflow of foreign exchange. SRB online portal is lean and lean to facilitate registration and filing of returns and ensure compliance with tax.
Khyber Pakhtunkhwa Society of Revenue (KPRA).
The KP Sales Tax on Services Act of 2013 is administered by the KP Revenue Authority and it also ensures equitable contributions of service providers in Khyber Pakhtunkhaw.
Tax rate: 15 percent on most of the taxable services.
Contracting, transport, and professional consultancy: Direction areas.
KPRA is providing e-filing, E-payment and facilitation of taxpayers to promote voluntary compliance and increase tax base.
Balochistan Revenue Authority (BRA).
Balochistan Revenue Authority (BRA) is governed by the BRA Act, 2015, and it uses services tax on the service that are rendered in the province.
Tax Rate: 15% on taxable services.
Target Sectors Logistics, contractors and consultancy services.
Despite the fact that the tax base of Balochistan is smaller, BRA is working in the direction of progressive automation and digitalisation in order to increase the rate of compliance.
FBR Initiatives for Business Tax Simplification (2025)
The Federal Board of Revenue (FBR) has made significant steps in the direction of digitalisation and automatisation of taxation, thus simplifying, quickening, and increasing the transparency of business compliance in Pakistan. Such programs minimize humanized intervention, errors and promote compliance in a voluntary manner by incorporation of technology and real time data.
Digital Tax Filing System
IRIS e-filing portal of the FBR enables a revolution in the manner of submitting income tax, sales tax and withholding statements by businesses.
Functionality: Online registration and submission of returns and receipts of online acknowledgements.
Advantages: Taxpayers are able to submit tax returns 24 hours and, view previous records and make computations automatically.
This electronic infrastructure improves efficiency and accuracy and convenience to taxpayers and puts Pakistan in agreement with the best practices in the world.
Point of sale (POS) Integration.
One of the most effective steps that FBR made in the goal of enhancing the transparency of the retail sector is the POS Integration System.
How It Works: Retail stores organize their billing systems as part of the central database at FBR.
Result: Every sale will be registered within a short time span, eliminating the cases of underreporting and evading sales taxes.
Rewards: Retailers who are using the integrated POS system at FBR are exposed to sales tax adjustment benefits and monthly prize initiatives.
This effort enhances real time tracking, which guarantees equitable sales taxation in sectors.
Verification Portals on the Internet.
In order to enhance the level of trust and accountability, FBR has introduced various online verification tools including:
* Taxpayer Verification System (TVS)- checks NTN, STRN, and taxpayer status.
* Invoice Verification Portal – authenticates invoices of sales tax.
* Withholding Tax (WHT) Portal- monitors deductions and payments in different sections.
These sites ease the compliance process, allow companies to self-verify the records, minimize conflict, and facilitate transparency.
Tax Reliefs and Incentives for Businesses in Pakistan (2025)
In order to foster economic growth, innovation and inclusive development, FBR provides various tax exemptions and incentives to specific sectors. These steps will promote investment, boost exports, and promote businesses to women-owned businesses, priority businesses like renewable energy, manufacturing, construction, and women-owned businesses.
1. Renewable Energy Sector
The government offers high tax exemptions and tax deduction to firms investing in renewable energy projects including solar, wind, and hydropower.
Incentives:
Power generation companies will have 100 percent income tax exemption within a period of 10 years.
Examples of duty exemptions on the import of solar panels, turbines, and other related equipment include customs duty and the sales tax.
Investment in energy-efficient machinery and green technologies Tax credit.
The goal of these incentives is to increase the adoption of clean energy, foreign investments and to ensure that Pakistan is able to shift towards the sustainable generation of power.
2. Export Manufacturing
To increase competitiveness in the world and inflows in foreign exchange, export-oriented industries are given multiple business tax breaks.
Benefits:
Reduced tax rate (1%) on Final Tax Regime on export income.
* Zero on sales tax on exports as a measure to prevent delays at the point of refunding.
* Research and development, expansion of export capacity tax credit.
These initiatives enhance the stance of Pakistan in the international trade particularly in textiles, leather and pharmaceutical.
3. Construction and Real Estate Sector
The government still enjoys special incentives on the construction industry with the help of the Construction Package.
Tax Reliefs:
* Non-profit-based taxation pegged on fixed tax system depending on the size of the project.
* Tax exemption on withholding and capital value tax (CVT) on registered projects.
* Tax breaks on REIT and subsidies on low-cost housing programs.
This regime promotes investment in infrastructure, facilitation of creation of job, and enhancement of economic activity in allied industries.
4. Women Entrepreneurs
Women entrepreneurs are provided with a number of tax and financial incentives to spur gender inclusive business development.
Key Incentives:
* 50 percent of income tax deduction on women-owned business registered under SME policy.
* Eased registration and filing by Women Business Facilitation Desk of FBR.
* Women-owned start-ups will have easy access to interest-free lending and a lower turnover tax.
Through these initiatives, women in business gain strength and enable more women founded businesses to be incorporated in the formal economy.
Penalties for Non-Compliance in Pakistan (2025)
Income tax ordinance, 2001, is a law that requires tax compliance. Companies that are not paying the correct taxes are heavily fined and penalties enforced by FBR, which is meant to uphold fiscal discipline, deter tax evasion and impose transparency to the Pakistani corporate sector.
1. Late Filing of Tax Returns
Companies that do not submit their payable income tax or sales tax returns before the stipulated date pay fines and run the risk of prosecution.
* Penalty: no less than 0.1 percent per day of default on the amount of the payable tax, but not more than 50 percent of the amount of the liability of the tax.
* Fixed Fine PKR 40,000 on companies, PKR 5,000 to 10,000 on AOPs or individuals.
* Impact: The continuous non-filling can cause blocking of NTN, audit selection and limit to imports/exports.
Submission at the right time prevents corporate disbelief and unwarranted focus by FBR.
2. Non-Payment or Underpayment of Taxes
Any non-payment of assessed tax or non-payment of advance tax or withholding tax leads to hefty surcharges and litigation.
* Default Surcharge: 12% per annum on tax which is not paid after the due date.
Legal Implication: FBR has a power to confiscate the assets, freeze bank accounts, or to start the recovery process in accordance with Section 140.
No money means lost reputation of a business and even the loss of the ability to win a tender or a contract in the government.
3. Tax Evasion and Misreporting
Intentional hiding of revenue, misrepresentation, or accounting manipulation are considered tax evasion, and are considered a criminal offense.
Penalty: An amount equal to 100% of the amount of tax avoided.
Prosecution: It can be imprisoned (not exceeding 5 years) and fined not more than PKR 500,000 based on Section 192.
Audit and Investigation: Section 177 requires the FBR to perform tax audit and special investigations in order to verify fraud and compliance.
These rigid requirements stand to strengthen the effort of the government in fighting tax evasion and the unregistered business.
4. Record-Keeping and Documentation Violations
Penalties can also be appealed to by failure to keep proper financial records or deliver documentation when auditing.
Fine: PKR 25,000–50,000 on non-maintenance/false writing of records.
Correct documentation assists the business to protect itself during tax audit and prove that it acted in good faith.
Comparison with Regional Corporate Tax Rates (2025)
Pakistan has an intermediate level of tax structure in terms of assessing corporate tax competitiveness in South Asia where the Pakistani tax structure is seen to provide incentives to business growth with the aim of raising a substantial amount of revenue. Relative to the other countries, India, Bangladesh, and Sri Lanka, the corporate tax rate in Pakistan has an impact on foreign investment, development of industries in the country, and competitiveness in the region.
Pakistan
In 2025 the rate of corporate tax in Pakistan is approximately 29 percent on most businesses, but changes depending on sectors, with the banks being taxed at 39 percent, and small businesses or construction projects at 20 percent. Also in Pakistan is the provision of tax credits and rebates on IT exports, renewable energy, and manufacturing which compensates the increased nominal rate.
Priority: Maintaining the fairness of taxes and ensuring growth of the economy based on investments by targeted incentives instead of cuts across the board. Compared to some neighbors, the progressive reforms and tax-based digital programs in Pakistan do increase the compliance process, although it is slightly higher.
India
India has a corporate tax rate of 25 on local companies and a concessional rate of 15 on new manufacturing companies that have been initiated since the year 2019.
Policy direction: India aims at simplifying taxes and incentives under the Make in India in order to lure international investors. Strength: India has a competitive advantage over other countries because of lower effective tax rates and less compliance costs encourage foreign direct investment (FDI).
Bangladesh
The corporate tax of Bangladesh lies between 27.5 and 40 per cent according to the industry. Products primarily exported such as the textile factories are given lower rates of about 12-15. The country has tax holidays, investment allowances and zero-rated export incentives that help in the growth of the country through exportation. Bangladesh is a powerful contender of manufacturing and export investment in the region, due to the sector-specific relief.
Sri Lanka
Sri Lanka uses a standard corporate tax rate of 30 percent, small and medium enterprises (SME) and exporters can elect lower tax rates of 1418.
Incentives: Duty-free infrastructure development, IT services and tourism projects. Sri Lanka has a plan of facilitating economic revival by providing selective incentives in the form of taxation following some reforms.
Regional Tax Competitiveness Overview
| Country | Standard Corporate Tax Rate (2025) | Incentives/Reliefs | Investment Appeal |
|---|---|---|---|
| Pakistan | 29% | IT, exports, renewable energy incentives | Moderate |
| India | 25% (15% for new units) | Manufacturing incentives | High |
| Bangladesh | 27.5%–40% | Export tax holidays | Strong |
| Sri Lanka | 30% | SME & export incentives | Moderate |
Analysis
The corporate tax rate in Pakistan is slightly high compared to India, however, when it is coupled with sectoral exemptions, SME reliefs, and digital simplification of tax, it becomes competitive regionally. The emphasis on ease of doing business, consistency in policies and generalization in taxation will continue to play vital roles in coming years to ensure that more foreign investors are attracted to the region and to increase regional competitiveness.
Future Trends in Business Taxation in Pakistan (2025 and Beyond)
The tax system in Pakistan is experiencing a significant change, which revolves around the digitalization, transparency, and investor-friendly changes. The Federal Board of Revenue (FBR) has developed an ambitious roadmap to ensure that the business tax system of Pakistan is in line with the global standards to enhance the economic growth, investment in business in the country and also to have fair tax administration. The following are the major future trend that will influence business taxation in Pakistan.
1. Broadening the Tax Base
One of the primary concerns of the reforms in the future is to broaden the tax base and increase the number of businesses and individuals under the formal economy.
Planned reforms:
– Data-driven monitoring system integration of non -filers.
– An interconnection between CNICs, bank accounts and utility information to find out possible taxpayers.
– Encouraging registration of SMEs and easy filing of returns on small businesses.
Objective: Eliminate overdependence on a small group of taxpayers and make sure that every sector contributes equally. This would be a way of ensuring taxation is inclusive, fair and sustainable and will empower the fiscal capacity of Pakistan.
2. Integration of Digital Records
The key factor in modernization in FBR is digitization. Businesses are changing the way they file, report, and pay taxes with the introduction of end-to-end electronic systems.
Future developments:
– implementation of the Point of Sale (POS) system to include additional retail industries.
– Invoicing, withholding tax and customs records integrating in real time.
– Tax risk profiling and verification of compliance using artificial intelligence (AI) tools.
These steps are taking Pakistan towards a paperless tax environment in order to increase transparency and reduce corruption.
3. Encouraging FDI Through Tax Reductions
The government will have to provide sector-specific tax reduction and long-term investment incentives to attract foreign direct investment (FDI).
Proposed measures:
– Reduction in corporate tax rates of manufacturing, renewable energy and export-oriented industries.
– New industrial zone tax holidays within the China-Pakistan Economic Corridor (CPEC).
– Streamlined taxation laws on multinational corporations (MNCs) and tech based investors.
These measures will enhance the competitiveness of Pakistan internationally and will make it a great destination to foreign capital and industrial growth.
4. Enhanced Transparency and Compliance
It is the case of FBR that is providing more serious and fairer audit and reporting systems that would make sure that transparency is provided.
Upcoming reforms:
– Automated selection criteria of audit to avoid prejudice.
– Implementation of blockchain validation of import/ export documentation.
– Strengthening of the Track and Trace System of industrial products.
These reforms will enhance transparency among taxpayers and raise the rating of Pakistan on the global ease of doing business indexes.
To sum up, taxation in Pakistan is heading towards a digital, investor-friendly, and balanced system. By further FBR reforms, tax base expansion and careful tax incentives, Pakistan wishes to establish a contemporary business tax environment that fosters economic stability, accountability, and economic growth in the next one decade.
Conclusion
It is not merely a requirement to understand the business tax rates in Pakistan but it is a strategic requirement of any business owner and investor. As the Federal Board of Revenue (FBR) keeps on revising the policies, the key to keeping up with the current rate of corporate taxes, incentives, and fines imposed on failure to comply are keeping the businesses informed that they can comfortably carry out their business within the law.
A good understanding of taxation will assist companies in making more intelligent financial choices, optimize investments, and also exploit industry-specific tax relief that includes exporters, renewable energy schemes, and women entrepreneurs. Besides, with Pakistan moving to digitally connected and transparent taxation, tax compliance will be increasingly automated and data-oriented.
Some businesses in this changing environment will earn a competitive advantage by ensuring they invest in tax literacy, file on time, and plan strategically in addition to reducing risks associated with legal matters. After all, the knowledge of the business tax rates will enable organizations to grow sustainably, stay in compliance and be part of the efforts that Pakistan is making to become a modern, equitable, and an investor-friendly country in terms of tax rates. For more insights about Business Tax Rate in Pakistan and other tax laws, visit our website Right Tax Advisor.
FAQs
Q1: What is the present tax rate of business in Pakistan?
By the year 2025, the usual corporate tax rate in Pakistan will be 29% although SMEs and startups will have lower rates or exemptions based on eligibility.
Q2: Taxation of the small medium enterprises (SMEs) in Pakistan?
The taxation of SMEs is imposed at progressive rates (15%-25%) based on the turnover and industry. IT startups can enjoy tax holidays on the FBR incentive schemes.
Q3: What are the taxes that businesses have to pay in Pakistan?
Under Section 113 of the Income Tax Ordinance, businesses have to pay taxes on income, sales, withholding and in some instances minimum tax.
Q4: Do startups in Pakistan enjoy tax exemptions?
Registered technology startups and export-oriented companies are eligible to take a maximum of 10 years of tax exemptions, according to the regulations of FBR and SECP.
Q5: What is the effect of minimum tax on companies?
Though a company may be having no profit, it is required to pay at least minimum tax (usually 1.25) on turnover to be in basic compliance with tax regulations.
Q6: What are the impacts of provincial tax on service based businesses?
Under PRA, SRB, KPRA, or BRA whichever is the location of operations, service providers have to pay provincial sales tax.
Q7: What will become of the corporate taxation in Pakistan?
The government intends to streamline the filing of the taxes, lower the evasion and harmonize the rates across the regions to increase foreign direct investments.