On April 26, 2023, the State Bank of Pakistan (SBP) issued special instructions to banks regarding the payment of duty and taxes.
These instructions were issued on the request of the Federal Board of Revenue (FBR) in order to facilitate taxpayers in paying their government dues.
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As per the instructions, all branches of banks that remain open on Saturdays, including authorized branches of National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC), will remain open on April 29th and 30th, 2023 (Saturday and Sunday). These branches will observe extended working hours till 06:00 p.m. to facilitate the collection of taxes through ADC’s Over-the-Counter (OTC) facility.
This decision is expected to bring relief to taxpayers who may find it difficult to pay their taxes during the regular working days due to their busy schedules. By keeping the banks open on the weekend, taxpayers will have an additional opportunity to fulfill their obligation to the state.
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Moreover, to ensure same-day clearing and settlement of payment instruments deposited at NBP’s authorized branches for customs collection, M/s. NIFT will arrange special clearings at 01:00 p.m. on April 29th, 2023 (Saturday) and at 06:00 p.m. on April 30th, 2023 (Sunday). Banks are instructed to keep their clearing-related branches open until necessary to facilitate the special clearings by NIFT on the aforementioned dates.
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In conclusion, the SBP’s decision to keep banks open on the weekend and extend their working hours will ease the burden on taxpayers who may have difficulties paying their dues during the regular working days. This move demonstrates the government’s commitment to facilitating taxpayers and collecting dues in a timely and efficient manner. It is hoped that these special instructions will go a long way in achieving these goals.
