Karachi, March 28, 2024 – In a bid to streamline tax collection for the month of March 2024, the State Bank of Pakistan (SBP) has instructed banks to open on weekly holidays and observe special working hours to facilitate taxpayers.
The SBP directive mandates that branches of all banks open on Saturdays extend their banking hours till 4:00 p.m. on Saturday, March 30, 2024, and Sunday, March 31, 2024. This extension aims to accommodate taxpayers in making government duty and tax payments through Alternate Delivery Channels (ADCs) and Over-the-Counter facilities.
To ensure prompt clearing and settlement of payment instruments, the National Institutional Facilitation Technologies (NIFT) has been advised to conduct special clearings at 4:00 p.m. on both Saturday and Sunday. Banks are instructed to promptly process government receipts during these special clearings to avoid any delay in the transfer of funds.
Additionally, banks are directed to keep their branches open on March 30th and 31st until necessary to facilitate special clearings for government transactions by NIFT.
The decision to extend banking hours on weekly holidays follows the Federal Board of Revenue’s (FBR) declaration of full working days during the last weekend of March 2024. This suspension of weekly holidays aims to enhance taxpayer convenience and streamline revenue collection processes.
Taxpayers now have the opportunity to visit tax offices over the weekend, until 4:00 p.m., on both Saturday, March 30th, and Sunday, March 31st, to fulfill their tax obligations. This initiative is expected to ease the rush during weekdays and provide taxpayers with additional flexibility in meeting their tax requirements.
The FBR has emphasized the importance of close coordination between tax officials and financial institutions to expedite the transfer of collected taxes. Chief Commissioners of Inland Revenue have been instructed to establish close liaison with the SBP and authorized branches of the National Bank of Pakistan (NBP) to ensure swift transfer of tax revenues to designated accounts at the SBP.
Overall, these measures aim to enhance taxpayer convenience, streamline tax collection processes, and ensure the smooth transfer of funds to the government treasury. As Pakistan continues its efforts to boost revenue collection and promote tax compliance, such initiatives play a crucial role in facilitating the taxpaying process and strengthening fiscal discipline.
