State Bank of Pakistan (SBP), in collaboration with 1Link and Federal Board of Revenue (FBR), is now designing a new mechanism called Alternative Delivery Channels (ADC) through which taxes could be paid using ATMs and internet banking facilities.
A Memorandum of Understanding (MoU) was signed by the three parties in the presence of Finance Minister Ishaq Dar and Prime Minister’s Advisor to Revenue Haroon Akhtar Khan. The system at the start will be in pilot phase for testing purposes. Testing for the process will continue till 31st December 2017 after which the system will be made operational for the general public.
Once the new online system is operational, importers and taxpayers will be able to fill the required information for the payment of their taxes and customs duty. The information will be filled in the online modules of FBR and Customs WeBOC after which a PSID (payment slip) will be generated from the system.
The PSID generated will be used to access the payment details of the importers or the taxpayers from ATMs or from the websites of the banks. The taxpayers can then pay their duties and taxes from their bank accounts which will then be credited into respective government accounts via automated system.
Banks have been advised to ensure that the process flow of the online system does not face any hindrances and timely implantation of the project should be the topmost priority. The online system has been described as a “strategically important project that will improve the efficiency of tax payments and will also facilitate the public for paying taxes and customs duty.”
The new payment system will definitely be applauded by the general public as paying taxes for them will now be as hassle free as drawing cash from ATMs. SBP governor Tariq Bajwa said that the new initiative is part of the SBP Vision 2020 in which it wants to develop a system that facilitates the general public at large.