State Bank of Pakistan Extends Banking Hours for Tax Collection on June 24
In a bid to facilitate the collection of taxes through Alternate Delivery Channels (ADCs) over-the-counter (OTC) facility, the State Bank of Pakistan (SBP) has announced that commercial bank branches open on Saturdays will observe normal banking hours on June 24, extending their operations until 5:30 pm.
Round-the-Clock Availability of Online Payment Facilities Advised
The SBP, in a statement issued on Monday, urged all commercial banks to ensure the availability of their online payment facilities, including internet banking and mobile apps, round the clock. This move is aimed at facilitating taxpayers in making online payments for government duties and taxes.
A Measure to Accommodate Taxpayers
The decision to extend banking hours on June 24 has been made in response to a request from the Federal Board of Revenue (FBR) to facilitate taxpayers in fulfilling their obligations regarding government duties and taxes. This proactive measure by the SBP acknowledges the significance of the upcoming Eid ul Adha holidays, which coincide with the end of the current financial year.
Submission of Taxes and Duties Before Eid ul Adha Holidays
Traditionally, banks and financial institutions observe gazetted holidays during Eid ul Adha, necessitating taxpayers to submit their taxes and duties prior to the holiday period. However, with the extended banking hours on June 24, individuals will have the opportunity to complete their tax-related transactions conveniently.
Eid ul Adha Date
The date for the celebration of Eid ul Adha is subject to the sighting of the Zil Hajj moon. If the moon is sighted today, Eid ul Adha will be celebrated on June 29 (Thursday). The Central Ruet-e-Hilal Committee will meet on the 29th of the Islamic month to make the official announcement after sighting the moon. The Met Office has predicted that the birth of the moon is expected on June 18 at 9:37 pm, with the possibility of sighting it on June 19.
Published in PakWeb, June 20th, 2023.
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