The State Bank of Pakistan (SBP) has directed banks to observe extended working hours on the last two days of March 2022. This decision aims to streamline the tax payment process and provide convenience to individuals and businesses fulfilling their financial obligations.
The SBP, in a statement issued on Friday, announced that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of the National Bank of Pakistan (NBP) will extend their banking hours until 8:00 P.M. on March 30, 2022, and until 10:00 P.M. on March 31, 2022. These extended hours are specifically designated to facilitate taxpayers in making payments related to government receipts, duties, and taxes.
Additionally, the National Institutional Facilitation Technologies (NIFT) has been instructed to organize a special clearing at 8:00 P.M. on March 31, 2022 (Thursday). This special clearing aims to ensure the same-day processing of payment instruments related to government transactions.
The directive further advises all banks to keep their relevant branches open on March 31, 2022 (Thursday) for as long as necessary to facilitate the special clearing for government transactions conducted by NIFT.
The decision to extend banking hours aligns with the approaching tax deadline at the end of the fiscal year. By offering extended hours on the crucial dates of March 30th and 31st, banks aim to prevent last-minute rushes, long queues, and potential delays in the processing of tax payments.
Taxpayers are encouraged to take advantage of these extended hours to visit their respective bank branches for the convenient and timely settlement of duties and taxes. This initiative not only supports individuals and businesses in meeting their financial obligations but also contributes to the efficient functioning of the overall tax collection system.
The SBP’s proactive approach in coordinating with banks to extend working hours reflects a commitment to providing accessible and streamlined financial services. It acknowledges the significance of tax compliance and seeks to create an environment that encourages timely and hassle-free tax payments.
As the fiscal year-end approaches, taxpayers are urged to plan their visits to bank branches accordingly to leverage the extended working hours. The collaborative effort between regulatory bodies and financial institutions aims to enhance the overall taxpayer experience, ensuring a smoother transition into the new fiscal year.