The State Bank of Pakistan (SBP) Thursday issued revised instructions for the transfer of Export Development Surcharge (EDS) through Real Time Gross Settlement (RTGS) and reporting through Data Acquisition Portal (DAP).
The new instructions will be effective from May 10, 2023, and will require banks to transfer the consolidated amount of EDS deductions directly to the SBP through RTGS. Banks will also have to report the details of individual exporters through SBP’s DAP as per CSV file format. The aggregate amount of individual transactions must match the amount transferred through RTGS, and any misreporting will be penalized.
READ MORE: Bank holidays for Eid-ul-Fitr announced by State Bank of Pakistan
The State Bank of Pakistan (SBP) has issued revised instructions for the transfer of Export Development Surcharge (EDS) through Real Time Gross Settlement (RTGS) and reporting through Data Acquisition Portal (DAP). The new instructions will be effective from May 10, 2023, and will require banks to transfer the consolidated amount of EDS deductions directly to the SBP through RTGS.
Under the new instructions, banks’ branches deducting EDS will transfer the amount to their main RTGS branch on a daily basis. The main RTGS branch will then arrange to transfer the consolidated amount of EDS on a T+1 basis (T being deduction date) to SBP through RTGS for onward credit to the Export Development Fund (EDF).
In addition to the transfer of funds, banks will also have to report the details of individual exporters through SBP’s Data Acquisition Portal (DAP) as per CSV file format. The banks must specifically mention their unique reference number both in DAP filing as well as in Bank Credit Advice (BCA) filed with Customs authorities for reconciliation and reference purposes.
The aggregate amount of individual transactions must match the amount transferred through RTGS. Any instance of misreporting will be dealt with in accordance with penal provisions of Banking Companies Ordinance, 1962, and the penalty scale issued thereof by the SBP.
Banks are advised to ensure meticulous compliance of the new instructions. The undue retention of Government funds by the banks will attract penalty as costs of funds at the penal rate of 1.5 times of the SBP’s Ceiling Rates of retention dates.
In conclusion, the SBP’s revised instructions aim to streamline the process of EDS deduction and deposit, and ensure accurate reporting through DAP. Banks are advised to comply with the new instructions to avoid any penalties.
Pakistan considers increasing tax exempt income threshold for salaried persons
