State Bank of Pakistan makes digital tax payment free from next year
The State Bank of Pakistan (SBP) has declared that online tax payment will be free from the following year in aim to promote digital banking in the country.
Addressing a seminar, SBP’s Finance Department Director Qadir Baksh said that as of 1st January 2020, the central bank would carry all services charges such as digital payment fee or transaction charges to the banks for the collection of the government taxes through the means of e-banking, against the old tradition of charging taxpayers.
This system will help in documentation of the country’s economy along with facilitating/encouraging taxpayers said Baksh, at SBP’s seminar “Collection of government taxes through Alternative Delivery Channels (ADCs).”
Currently, the transaction fee of Rs 10 charged for tax payment is up to Rs100,000, whereas, Rs20 is charged for Rs 100,000 to Rs1 million and Rs50 is charged in transaction fees for above Rs1 million, according to media reports.
ADCs is an e-Payment facility created by the SBP in collaboration with the FBR and 1Link for collection of government duties and taxes through internet banking, ATMs, banks’ mobile applications and Over-the-Counter (OTC) at bank’s branches.