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Customers will be able to pay federal taxes and customs duties through internet banking by December 2017
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Finally, Pakistan has made a step to digitize the existing system of taxes paying or customs duty from manual to ATMs and internet banking.
State Bank of Pakistan has joined hands with Federal Board of Revenue and 1-Link to enable the citizen to pay their taxes using internet banking or ATMs.
As per the proposal, once the system is made operational, the whole process will be online and fully automated. The facility is expected to be made operational by end of 2017 after some necessary testing left.
According to a press release from State Bank of Pakistan, banks will add FBR-Inland Revenue Service and FBR-Customs as billers in the Billers Module and develop the necessary interface with 1-LINK.
Federal Finance Minister Muhammad Ishaq Dar chaired the agreement signing ceremony at Islamabad, Prime Minister’s Adviser for Revenue Haroon Akhtar Khan was also present on the occasion.
As per the proposed mechanism, the banks will add Inland Revenue and Customs as billers in the ‘Billers Module’ and develop necessary interface with 1-Link.
The taxpayers, importers will need to fill their tax and customs duty payment details in the FBR (IRS) and Customs (WeBOC) online modules to generate payment slip ID (PSID).
The SBP has also advised banks to add FBR and Customs as billers in the ‘Bill Payment System’ offered by 1Link and develop necessary integration with it within two months ie by December 5, 2017.
Finance Minister Ishaq Dar on the occasion congratulated SBP and FBR and expressed hope that all the formalities would be completed at the earliest and that the system would be operational by 31st December 2017.
The finance minister said that the project will revolutionize the government’s tax collection mechanism.
SBP Governor Tariq Bajwa said that the initiative is part of SBP Vision 2020, which envisages the development of a robust payment system and is primarily aimed at facilitating taxpayers and the public at large in payment of taxes.
The Chairman FBR, Mr. Tariq Mehmood Pasha on the occasion said that the project is the result of collaboration and cooperation between FBR, SBP and the private sector and will go a long way in further improving the government tax collection systems.
Furthermore, National Bank of Pakistan (NBP) in collaboration with the Punjab Excise and Taxation Department is going to automate the collection of property tax across Punjab.
The new system will make the process easier for people because property tax is currently being collected manually through NBP branches.