FBR holds awareness sessions for online payment of duty, taxes

In a proactive step towards modernizing tax procedures and enhancing ease of doing business, the Federal Board of Revenue (FBR) organized informative sessions in Karachi and Lahore for the business community and tax consultants.

The primary objective of these sessions was to create awareness about the newly implemented reforms facilitating online payment of duties and taxes.

The FBR, in an official statement, highlighted its commitment to fostering a business-friendly environment by incorporating recent reforms. These measures particularly aim to benefit medium and small-sized companies, streamlining the process of payment for income tax, sales tax, and customs duty through the Alternate Delivery Channel (ADC).

The ADC offers multiple avenues for online payments, including ATM transactions, mobile banking, and online banking. Notably, the FBR has extended its online payment services to cover pension contributions and social security contributions, with the Employees Old-Age Benefits Institution (EOBI) and Punjab Employees Social Security Institution (PESSI) introducing these features.

One significant reform emphasized during the sessions is the introduction of the Virtual One Stop Shop (VOSS). Under this initiative, companies and their directors can now register with the FBR by obtaining the National Tax Number (NTN) at the time of company registration with the Securities and Exchange Commission of Pakistan (SECP). This integrated approach aims to simplify and expedite the registration process, reducing administrative hurdles for businesses.

Participants in the awareness sessions were provided detailed insights into these reforms, illustrating the collaborative efforts between the FBR and other key institutions such as the SECP, EOBI, PESSI, and Sindh Employees Social Security Institution (SESSI).

The FBR’s commitment to transparency and efficiency in tax procedures is evident in these reforms, as they not only facilitate businesses but also align with the broader vision of the government to digitize and modernize administrative processes. The introduction of online payment options through various channels is expected to streamline financial transactions, reducing paperwork and time-consuming processes for businesses of all sizes.

Moreover, the extension of online payment services to include pension and social security contributions reflects a comprehensive approach towards meeting the diverse financial needs of both employers and employees. The move is likely to contribute to increased compliance and accuracy in financial transactions related to these contributions.

As the business landscape evolves, these awareness sessions play a crucial role in ensuring that the business community and tax consultants are well-informed about the latest reforms. This not only empowers them to leverage the benefits offered by the FBR but also encourages a smoother transition towards a more technologically advanced and efficient taxation system.