Federal Government launches yet another initiative over taxation to fulfil another demand from FATF
The federal government has made it mandatory on all importers pay duties and taxes exceeding Rs1 million through the e-payment system from today.
All duties and taxes over Rs1m can now only be paid through the system of e-payment — internet/mobile banking, ATMs, over-the-counter (OTC) or any other electronic method approved by the State Bank of Pakistan (SBP).
According to a report by a local media outlet, the move has been made to comply with the Financial Action Task Force’s (FATF) requirements and as a measure towards digitisation and automation of the economy.
It may be noted here that traders can electronically pay all import duties and taxes through Customs’ computerised system WeBOC at ports and border stations across the country.
Local media reports state that currently, 18.6pc of import duties and taxes are being collected by Pakistan Customs through the e-payment system.
According to a statement released by Pakistan Customs earlier on January 10, the e-payment system decreases the workload on bank staff. Payments made through Payment System (PAYSYS) are instantly communicated to electronic systems of FBR and banks. It is very easy to use this system and generate various informative reports for daily branch-level operations. Payment System also provides you with electronic payment documents in hard copy as well as an electronic copy in PDF format for subsequent utilisation.