The Federal Board of Revenue has requested 1,352 big taxpayers to open their accounts with the National Bank of Pakistan for availing e-payment facility. Sources told Business Recorder on Saturday that the collectors of sales tax have approached the multinational companies and large taxpayers units in their jurisdiction to extend e-payment facility to them.
Collectors are trying to convince big entities to deposit taxes through the new e-payment facility without going to banks. The account holder would authorise the NBP branch to debit the amount from the account to the relevant government head of account under the e-payment system. This could only be possible after opening a bank account with the relevant bank branch. If a large taxpayer is account holder of another bank, it takes more time for clearing of challans.
Therefore, the field formations have asked the large units to ensure opening of accounts with the NBP to save time. The FBR has allowed the users of e-portal to pay taxes electronically. Sources said that the initiative would facilitate taxpayers through direct transfer of funds. The new system would ensure less documentation, plug in loopholes and take banking system at the level of international standards.
Sources said that the board wanted to implement the system under ongoing reforms and simplification procedures. Presently, corporate entities and multinational companies have to go to the NBP branches for payment of tax, which is a time consuming exercise.
Banks are not permitted to online transfer funds directly into the account of NBP for depositing challans. Taxpayers operating from any other commercial bank have to make cash payment or make pay orders, etc, for depositing the amount at the NBP.
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