Tax collection: SBP announces special arrangements on 29th, 30th

KARACHI: The State Bank of Pakistan (SBP) has announced the special arrangements for collection of government receipts, taxes and duties on 29th and 30th June 2024.

To facilitate the taxpayers in payment of government duties/taxes through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities, it has been decided that all banks shall observe the special banking hours on 29th & 30th June, 2024.

On Saturday, June 29, 2024 all those branches of banks that remain open on Saturdays will observe banking hours from 9:00 a.m. to 6:00 p.m.

On Sunday, June 30, 2024 all those branches of banks that remain open on Saturdays will observe banking hours from 9:00 a.m. to 10:00 p.m. During these days, NIFT will collect instruments related to government receipts and payments only, from bank’s counters at 6:00 p.m. on Saturday whereas at 10:00 p.m. on Sunday.

These instruments will be cleared through Special Clearing on the next day of collection and NIFT will provide clearing fate by 01:00 p.m. on 29th, and 30th June 2024 and whereas 10:00 a.m. on 1st July 2024.

For the purpose of closing exercise of FY 2023-24 on 1st July 2024, SBP and PRISM will be operating in the value date 30th June 2024. Banks are advised to accordingly define 29th & 30th June 2024 as working days in their systems to enable settlement of special clearing with aforesaid schedule.

To eliminate the issue of spillover of tax receipts, banks shall ensure that no instrument concerning government receipts, lodged during the aforementioned office hours, remain unattended at branch counters and must be lodged in the aforesaid special clearing in the value date of 30th June 2024.

Moreover, banks are advised to keep their concerned branches open on 28th, 29th and 30st June 2024 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.

Copyright Business Recorder, 2024