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Tax collection: SBP to remian open on March 31; NBP on 29, 31 till 5pm

Tax collection: SBP to remian open on March 31; NBP on 29, 31 till 5pm

KARACHI: Finance Department of State Bank of Pakistan has directed its Accounts Department to remain open on March 31 and National Bank of Pakistan to remain open on March 29 and 31 till 5:00 pm.

SBP’s Finance Department has issued a letter in this regard which refers to the letter dated March 19, 2014 on the captioned subject received from FBR wherein FBR had stated that third quarter of Fiscal Year 2013-14 is closing on March 31, 2014 and traditionally, bulk of revenue is collected during last one or two days. FBR, in its letter, had requested the authorities concerned that in order to avoid difficulties of the taxpayers to deposit taxes/duties, instructions may be issued to the authorized branches of SBP, NBP and NIFT.

In this connection, the Accounts Departments of SBP has issued necessary instructions to their offices concerned to remain open till 5:00 pm only on March 31, 2014 for tax collection. NBP is also being advised to issue instructions to their authorized branches to remain open for collection till 5:00 pm on March 29 and 31, 2014 for tax collection.

The letter read that a special clearing is being arranged on March 31, 2014 at 3:00 pm for FBR receipts along with the normal clearing to entertain all the clearing instruments received by cheques till 3.00 pm for reporting of collection amount on the same day.