KARACHI: The State Bank of Pakistan (SBP) has issued special instructions to banks in order to facilitate taxpayers during the upcoming holidays and ensure the smooth collection of duty and taxes.
The instructions were issued in response to a request from the Federal Board of Revenue (FBR).
The following guidelines have been issued for compliance by all banks to facilitate taxpayers:
1. Tuesday, June 27, 2023:
• All banks and SBP BSC field offices will remain open from 9:00 a.m. to 8:00 p.m. for same-day clearing of tax receipts.
2. Wednesday, June 28, 2023:
• Branches of banks that normally operate on Saturdays will remain open from 9:00 a.m. to 2:00 p.m. for same-day clearing.
3. Friday, June 30, 2023:
• The NBP Custom House Branch will remain open from 9:00 a.m. to 5:30 p.m. for a special clearing to be held on July 3, 2023, at 09:00 AM. The value date for this clearing will be June 30, 2023.
In preparation for the closing exercise for the fiscal year 2022-23, scheduled for July 3, 2023, the SBP’s core banking system and the Pakistan Real-time Interbank Settlement Mechanism (PRISM) will operate using the value date of June 30, 2023.
Consequently, banks and M/s NIFT (National Institutional Facilitation Technologies) have been instructed to define June 30, 2023, as a working day within their systems. This will enable the settlement of special clearings scheduled for July 3, 2023, using the value date of June 30, 2023.
The SBP emphasizes the importance of these instructions to facilitate the collection of duty and taxes and urges all banks to comply accordingly. These measures have been implemented to ensure a seamless experience for taxpayers during this period.
Taxpayers are advised to take note of these special instructions and the revised banking hours and clearing schedules to ensure the timely payment and processing of duty and tax receipts.
