Banks to remain open this weekend to facilitate tax collection

On April 29 and 30, 2023 (Saturday and Sunday), all authorized branches of banks will open and operate with extended working hours to assist with tax collection.

In a statement released on Wednesday, the State Bank of Pakistan (SBP) announced that, at the request of the Federal Board of Revenue (FBR), all branches of banks that typically remain open on Saturdays, including authorized branches of the National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC), will also remain open on April 29 and 30. This arrangement aims to facilitate taxpayers in making payments for government duties and taxes.

These branches will operate with extended working hours until 6:00 p.m. to enable the collection of taxes using the ADC’s Over-the-Counter (OTC) facility.

To ensure prompt clearing and settlement of payment instruments deposited at NBP’s authorized branches for customs collection, the SBP has instructed the National Institutional Facilitation Technologies (NIFT) to arrange special clearings at 1:00 p.m. on Saturday, April 29, and at 6:00 p.m. on Sunday, April 30.

The central bank has further directed all banks to keep their clearing-related branches open during these specific times to facilitate the special clearings conducted by NIFT on April 29 and 30.

The post Banks to remain open this weekend to facilitate tax collection appeared first on Economy.pk.