Banks to observe extended banking hours for tax collection on March 30-31

Banks to observe extended banking hours for tax collection on March 30-31

To facilitate tax collection, banks in Pakistan have been instructed to observe extended banking hours on March 30 and 31, 2023.

The State Bank of Pakistan (SBP) on Wednesday announced that all branches of banks, including National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC), will remain open until 4:00 P.M. and 6:00 P.M. on March 30th and 31st, respectively, for the collection of government taxes through ADC’s Over-the-Counter (OTC) facility.

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NIFT will arrange a special clearing at 6:00 P.M. on March 31st, 2023, for the same-day clearing of payment instruments deposited at NBP’s authorized branches for customs collections.

Banks have been instructed to keep their clearing-related branches open until the special clearing is facilitated by NIFT.

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Previously, the FBR directed offices of Inland Revenue to observe extended working hours for revenue collection of March 2023.

In a letter sent to Chief Commissions Inland Revenue of large taxpayers offices (LTOs), medium taxpayers office (MTO), corporate tax offices (CTOs) and regional tax offices (RTOs) directed opening of offices for collection of duties and taxes on March 30 and 31, 2023.

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According to the notification, the FBR directed all LTOs, MTO, CTOs and RTOs to remain open and observe extended working hours till 6:00 PM on Thursday, March 30, 2023 and till 8:00 PM on Friday, March 31, 2023, to facilitate the taxpayers in payment of duties and taxes.

The FBR directed chief commissioners IR to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (NBP) to ensure transfer of tax collected by these branches to the respective branches of State Bank of Pakistan on the same date to account for the same towards collection for the month of March 2023.

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It further stated that chief commissioners IR may instruct only those officers/officials who are involved in taxpayers’ facilitation, return filing, collection and recovery of tax to observe extended working hours.