The State Bank of Pakistan (SBP) has announced to make online tax payment free from next year in a bid to promote digital banking in the country.
Addressing a seminar, SBP’s Finance Department Director Qadir Bakhsh said that as of 1st January 2020, the central bank would bear all services charges such as digital payment fee or transaction charges to the banks for the collection of the government taxes through e-banking, against the past practice of charging taxpayers.
The new system would help in documentation of the country’s economy besides facilitating/encouraging taxpayers, said Bakhsh, at SBP’s seminar “Collection of government taxes through Alternative Delivery Channels (ADCs).”
At the moment, the transaction fee of Rs10 is charged for tax payment is for up to Rs100,000, whereas, Rs20 is charged for Rs100,000 to Rs1 million and Rs50 is charged in transaction fees for above Rs1 million, reported media reports.
ADCs is an e-Payment facility established 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 banks’ branches.
