KARACHI: *State Bank of Pakistan announces yet another incentive for thetaxpayers.*
The State Bank of Pakistan (SBP) has announced to abolish the fee onpayment of government taxes and duties through Alternate Delivery Channels(ADCs) and Over the Counter (OTC) from January 1, 2020.
Presently, the taxpayers pay Rs10 to Rs50 per transaction for the paymentof taxes through ADCs, depending on the amount of tax paid, and Rs50 pertransaction for the payments through OTC.
“This fee will be borne by SBP instead of taxpayers from January 1, 2020.The change has been notified through SBP Circular No.4 of 2019 (datedDecember 27),| the central bank said in a statement.
The decision is part of SBP’s efforts to promote digital payments and islikely to attract a larger number of taxpayers towards digital payment ofgovernment taxes and duties.
“The mechanism for online collection of taxes and duties was introduced inMarch 2018 in collaboration with the Federal Board of Revenue (FBR) withthe primary objective of taxpayers’ facilitation,” the statement read.
The taxpayers can pay their taxes from the convenience of their homes oroffices using internet/mobile banking facilities, through 14,000 plus ATMsor any of the 15,000 plus branches of commercial banks across the country.
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So far Rs346 billion has been collected through this mechanism. Thecollections through the ADCs/OTC modes are likely to grow exponentially asthe awareness about the mechanism improves.
SBP is also running an awareness campaign to familiarise the taxpayers, taxbar associations, chambers of commerce, clearing and forwarding agents andthe business community at large about the ADC and OTC payment mechanisms.Seminars and awareness sessions are being arranged across the countrythrough the field offices of SBP Banking Services Corporation.
The first such seminar was held in Karachi on December 26, 2019, which wasattended by corporate taxpayers, representatives from chambers of commerce,trade associations, commercial banks, tax bars and audit firms.
The participants had appreciated SBP efforts for promotion of digitalpayments and said that such sessions are critically important for enhancingpublic awareness and allaying their fears and apprehensions about digitalpayments.
