KARACHI: The State Bank of Pakistan (SBP) has instructed banks across the country to observe extended hours on December 8, 2020, in a move aimed at facilitating taxpayers in making timely payments of duties and taxes.
This decision comes as the date marks the final deadline for filing annual income tax returns for the tax year 2020.
According to a circular issued by the SBP, the relevant branches of banks—particularly those authorized to collect government receipts—are required to remain open beyond regular business hours on Tuesday, December 8. The directive applies to all banks involved in tax collection, with the intention of ensuring that taxpayers face no obstacles in submitting their payment challans and completing the filing process.
The SBP emphasized that the field offices of SBP Banking Services Corporation (SBP-BSC) and designated branches of the National Bank of Pakistan (NBP) will remain operational until 9:00 PM on the day. This extension in banking hours is supported by a specially scheduled clearing session arranged by the National Institutional Facilitation Technologies (NIFT) at 6:00 PM, allowing timely processing of tax-related transactions.
Additionally, all other banks have been directed to keep their relevant branches open until such time as is necessary to accommodate this special clearing. The measure ensures a smooth flow of government revenue collection and aims to eliminate last-minute barriers faced by taxpayers.
The SBP’s decision to enforce extended banking hours on this critical date is part of a broader effort to support financial compliance and simplify the tax payment process. With the deadline for filing tax returns creating a surge in demand for banking services, this move ensures that both individual and corporate taxpayers have sufficient access to the banking system.
The central bank’s proactive stance not only strengthens the tax infrastructure but also reflects its commitment to enhancing public convenience. As banks adjust their operations to accommodate these hours, it is expected that taxpayers will be better equipped to fulfill their financial obligations within the prescribed deadline. The initiative is a timely step to facilitate national revenue goals while ensuring operational readiness across all banks involved.