SBP directs banks to facilitate taxpayers in e-payment of duty, taxes
KARACHI: The banking company of Pakistan (SBP) on Thursday directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system.
The SBP is aforesaid that the gathering of Federal Board of Revenue (FBR) taxes and duties through Alternate Delivery Channels (ADC) was initiated in March 2018 in parallel to the normal paper-based mostly manual system.
The ADC mechanism allowed the taxpayers to pay their taxes through internet/mobile banking, automatic teller machine Machines (ATMs) or Over-the-Counter (OTC) of 16000 branches of business banks across the country.
It additionally enabled FBR and Government Accounting Bodies to comprehend the tax return on a nearly real-time basis and record the transactions in their method of accounting electronically.
Considering the flourishing and sleek operations of ADC platform for over 2 years, FBR created it obligatory for company Taxpayers to pay their taxes solely through ADC mechanism from August seventeen, 2020.
The other 2 classes i.e. Association of Persons (AOPs) and individual taxpayers also will be bit by bit shifted to the ADC mechanism so utterly eliminating the normal collection system.
As another step towards the conversion of taxes and duties collections, the FBR and Pakistan Customs has set that effective twenty January 2021, Custom Duties exceptional Rs.1 million are going to be collected through ADC mechanism solely. FBR and SBP have conducted a variety of webinars and awareness sessions for the profession to make sure a sleek transition to ADC mechanism.
The SBP appreciated the effective role and contribution of banks in creating this initiative an enormous success, their area unit still complaints and issues by the taxpayers regarding low awareness of banks’ field workers regarding the ADC significantly the over-the-counter mechanism.
It is so, suggested and reiterated that following measures area unit taken on immediate priority:
i. The banks’ branches have a completely practical over-the-counter system integrated with 1Link to gather the govt taxes and duties. The branch workers ought to have a full understanding of the system and will facilitate the taxpayers in payment of taxes.
ii. because the customs duty relies on the rate of exchange, it modifications with the change in the rate of exchange. Thus, there could also be cases wherever the remunerator generates Payment Slip ID (PSID) on day one and approaches the bank for payment, consequent day and so the quantity of duty mirrored on the Taxpayer’s PSID is completely different from the one showing on the bank’s terminal. In such cases if the Cheque conferred is of lesser quantity, the banks shall settle for the extra quantity in money or Cheque as per the convenience of the remunerator. Further, just in case the Cheque quantity is bigger than the customs duty showing on the bank’s terminal, the surplus quantity shall be attributable within the tax payer’s account with the bank.
iii. There are complaints that the banks’ branches don't settle for the Cheque drawn on another branch of their bank for payment of taxes and raise the remunerator to go to the branch on that the Cheque is drawn. As all bank branches area unit on-line, the remunerator will pay the taxes in any branch of his/her bank. The banks shall make sure that all their branches area unit acceptive the taxes and duties through ADC mechanism which their client will pay the tax in any branch of his/her bank.
iv. The banks shall send SMS or email messages to their purchasers informing them that “They will pay their taxes and custom duty through internet/mobile banking, ATMs or in any branch of their bank by submitting a Cheque of the tax/duty quantity and PSID.”
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