Digital payments for Tax correction shows tremendous increase

Tax payments through digital channels have recorded a massive increase while new system of “Online Collection of Government Receipts Through Alternate Delivery Channels (ADC and OTC) will facilitate tax payers in addition to creating new source of income for banks, said Ashraf Khan, Managing Director State Bank, Banking Services Corporation, Head Office Karachi (SBP- BSC, HOK).

Digital payments for Tax correction shows tremendous increase

Digital Payments For Tax Correction Shows Tremendous Increase : Addressing an awareness session at Faisalabad Chamber of Commerce & Industry (FCCI), he appreciated the close liaison between FCCI and SBP and said that it would certainly benefit the government as well as the business community.

He said that collection of government receipts through alternate delivery channels had been declared mandatory from August 17 and no bank could refuse collection of government receipts in any case.

In this connection, SBP has launched a countrywide awareness campaign so that maximum people could avail from this facility round the clock seven days in a week while sitting from their houses.

He clarified that any unintentional wrong entry into the form would not create problems as it was easily adjustable and ignorable without showing any pending liability.

However, the taxpayer should avoid giving cash options as in this case, they must pay their tax in SBP or National Bank of Pakistan.

SBP Faisalabad Chief Manager Mohammad Sarfraz Nadeem explained different points regarding the system.

Later, Deputy Chief Manager Mohammad Akbar explained in detail the benefits of Temporary Economic Refinance Facility and said that it was going to expire on March 31, 2021. Under the scheme, new investors as well as existing factory owners could get subsidized loans to replace their old machinery with new one.

Earlier, the scheme was restricted only to five major exports sectors but now it has been opened for all sectors to avail from it. He hoped that it would not only encourage diversification but also enhance our manufacturing capabilities.

Vice President Bilal Waheed Sheikh appreciated the efforts of SBP to revive the national economy after the repeated crisis of corona, copious rains, locust attack and oil crisis. He said that only in Faisalabad, 50,000 jobs of workers were secured by providing subsidized loans worth Rs 5 billion.

Later, SBP Managing Director Ashraf Khan also discussed various mattersand assured to resolve the same on top priority basis.

Originally published at Urdu point