The State Bank of Pakistan (SBP) has issued a directive to commercial banks, instructing them to extend their operating hours on Sunday, June 24, 2023. This move comes in response to a request from the Federal Board of Revenue (FBR) and is aimed at facilitating the payment of duties and taxes by taxpayers.
All bank branches that are already open on Saturdays will maintain regular banking hours until 5:30 p.m. on June 24, 2023. The extension is specifically designed to enable the collection of taxes through the use of Alternate Delivery Channels’ (ADC) Over-the-Counter (OTC) facility.
In addition to the extended operating hours, the SBP has advised all banks to ensure the continuous availability of their online payment services. This includes internet banking, mobile apps, ATMs, and other digital platforms. By providing round-the-clock accessibility to these online payment facilities, banks aim to facilitate taxpayers in making online payments for government duties and taxes.
Streamlining Tax Payment Process
The SBP’s decision to extend banking hours and prioritize online payment facilities reflects the authorities’ commitment to streamlining the tax payment process. By offering multiple avenues for payment, individuals and businesses can easily fulfill their obligations to the government. This move is part of ongoing efforts to make the tax payment process more efficient and convenient for taxpayers.
Response to FBR Request
The SBP’s decision comes after a formal request from the Federal Board of Revenue (FBR), signaling collaboration between financial regulatory bodies to enhance tax collection mechanisms. The extension of banking hours provides an additional opportunity for taxpayers to visit bank branches and settle their tax payments.
OTC Facility for Tax Collection
The use of ADC’s Over-the-Counter (OTC) facility is a key component of this initiative. By leveraging this service, taxpayers can make their payments directly at the bank counter, contributing to a more straightforward and accessible tax payment process.
24/7 Accessibility for Online Payments
Ensuring the continuous availability of online payment services emphasizes the importance of digital platforms in modern tax administration. With 24/7 accessibility, taxpayers have the flexibility to make payments at their convenience, further encouraging the adoption of digital channels for financial transactions.
Facilitating Taxpayers
The overarching goal of these measures is to facilitate taxpayers in fulfilling their obligations. By creating a conducive environment for tax payment, authorities aim to enhance compliance and contribute to the overall efficiency of the tax collection system.
In conclusion, the SBP’s directive to extend banking hours on June 24, 2023, demonstrates a collaborative effort to enhance tax collection mechanisms. This move aligns with the broader objective of creating a more taxpayer-friendly environment and streamlining the tax payment process through a combination of traditional and digital channels.
