Islamabad, November 29, 2024 – The Federal Board of Revenue (FBR) has called on the State Bank of Pakistan (SBP) to make special arrangements for facilitating tax payments on Saturday, November 30, 2024.
In an official communication addressed to the SBP Governor, the FBR’s Member Inland Revenue (Operations) emphasized the need for proactive enforcement measures to help achieve the revenue collection targets for the second quarter of the fiscal year 2024-25. The FBR noted that November, a crucial month for revenue collection, concludes on Saturday, November 30.
According to the FBR, a significant portion of revenue is historically collected during the final days of the month, particularly in the last two or three days. To ensure taxpayers can meet their obligations without hindrance, the FBR urged the SBP to collaborate by extending working hours for tax deposit services.
The FBR highlighted that, in previous instances, the SBP and the National Bank of Pakistan (NBP) have accommodated such requests by keeping their branches operational for extended hours. This cooperation has been pivotal in facilitating timely tax payments and achieving collection targets.
To maintain this tradition, the FBR has requested that all SBP branches, authorized branches of NBP, and the National Institute of Facilitation Technologies (NIFT) remain open on Saturday, November 30, 2024, until 6:00 PM. The extended operational hours aim to streamline the process for taxpayers and support efficient revenue collection.
Additionally, the FBR has requested arrangements to ensure that all tax collections made at NBP branches on November 30 are transferred to the SBP on the same day and accurately reported. This measure is intended to ensure smooth fund transfers and timely reconciliation of collected amounts.
The FBR’s proactive approach underscores the importance of achieving revenue goals to meet fiscal objectives, as well as the critical role of collaboration between financial institutions and tax authorities in this process.
