SBP Issues Special Instructions to Banks for Tax Collection on September 30

SBP Issues Special Instructions to Banks for Tax Collection on September 30

Karachi, September 28, 2023 – The State Bank of Pakistan (SBP) has issued important directives to commercial banks to ensure the smooth facilitation of tax collection on September 30, 2023.

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In an official statement, the central bank announced that, in response to a request from the Federal Board of Revenue (FBR), all commercial banks with Saturday-opening branches will extend their working hours until 5:00 p.m. on Saturday, September 30, 2023. This decision aims to provide taxpayers with ample opportunities to make government duty and tax payments using Automated Deposit Machines (ADMs) through the Over-the-Counter (OTC) facility.

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Additionally, in order to guarantee the same-day clearing and settlement of payment instruments deposited at banks’ authorized branches for tax collection, the National Institutional Facilitation Technologies (NIFT) will arrange a special clearing session at 5:00 p.m. on Saturday, September 30, 2023. Banks are advised to keep their relevant branches open until the necessary time to facilitate this special clearing by NIFT on the mentioned date.

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This move by the SBP underscores the commitment of regulatory authorities to ensure a seamless and efficient tax collection process. By extending banking hours and arranging a special clearing session, the government aims to facilitate taxpayers and encourage timely compliance with tax obligations.

Taxpayers and businesses are encouraged to take advantage of this extended banking window to fulfill their tax payment obligations and contribute to the country’s revenue collection efforts. This initiative aligns with the government’s goal of enhancing tax compliance and revenue collection, ultimately supporting the nation’s economic development and stability.

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