Pakistan tax offices to work extended hours for revenue collection

Pakistan tax offices to work extended hours for revenue collection

ISLAMABAD: Pakistan tax offices have been directed to work extended hours on the last two days of the current fiscal year i.e. June 29, 2022 and June 30, 2022 for collection of duty and taxes.

The Federal Board of Revenue (FBR) on Friday directed that all Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax offices (RTOs) would remain open and observe extended working hours till 10:00 PM on Wednesday, June 29, 2022 and till 12:00 AM on Thursday, June 30, 2022, to facilitate the taxpayers in payment of duties and taxes.

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Chief Commissioners Inland Revenue have been asked 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 SBP on the same date to account for the same towards collection for the month of June, 2022 as per SBPs’ letter dated June 23, 2022.

The SBP in its letter stated that pursuant to FBR’s request for opening of banks’ branches for extended hours on 29th and 30th June 2022, and same day settlement of tax collections, following instructions, regarding observance of banking hours on 29thand 30thJune 2022, are issued for compliance to facilitate the taxpayers:

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The SBP-BSC offices and NBP branches (A, B and C category) shall observe extended banking hours till 8:00 PM and 12:00 AM on 29thand 30thJune 2022, respectively for collection of government taxes and duties through manual mode as well as ADC’s Over-the-Counter (OTC) facility.

In order to ensure same day settlement of tax collections on 30thJune 2022 following special clearing and settlement will be arranged through M/s. NIFT and 1Link:-

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M/s NIFT shall arrange special clearing at 12:00 AM on 30thJune 2022 for same day clearing of payment instruments. M/s NIFT shall submit final returns to SBP-BSC offices for settlement by 10:00 AM on July 01, 2022.

M/s 1Link shall arrange to provide the settlement batch of transactions executed through ADCs platform till 12:00 AM on 30thJune 2022 by 09:00 AM on July 01, 2022 to the SBP for settlement in government accounts.

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NBP branches shall settle their transactions of 30thJune 2022 with respective SBP-BSC field offices / head office latest by 12:00 PM next day i.e. July 01, 2022.

Further, in order to eliminate the issue of spillover of tax receipts. NBP shall ensure that no instrument concerning government receipts, lodged in aforesaid office hours, shall remain unattended at any NBP branch and shall be settled in the value date of 30thJune 2022 through special clearing.