The State Bank of Pakistan (SBP) has announced that, on September 30, 2023, the branches of all banks that typically open on Saturdays will extend their working hours until 5:00 p.m. This extension is specifically intended to facilitate the collection of taxes through the ADC’s Over-the-Counter (OTC) facility.
This decision has been made in response to a request from the Federal Board of Revenue (FBR), with the primary aim being to assist taxpayers in their payments for government duties and taxes. It serves as a measure to provide convenience and accessibility for those fulfilling their tax obligations.
Furthermore, to ensure the timely clearing and settlement of payment instruments deposited at the authorized branches of banks for tax collection, the National Institutional Facilitation Technologies (NIFT) will organize a special clearing session at 5:00 pm on September 30. This step is taken to streamline and expedite the processing of tax payments.
In line with these arrangements, all banks are advised to keep their relevant branches open for as long as necessary to facilitate the special clearing process conducted by NIFT on the specified date, September 30, 2023. This proactive approach aims to support a smooth and efficient tax collection process.
In related news, the Federal Board of Revenue (FBR) has earlier announced that there will be no extension beyond September 30, 2023, for the last date to file income tax returns. This emphasizes the importance of adhering to the established deadline for filing tax returns and fulfilling tax-related obligations.