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FBR collects Rs12,240m from taxpayers through online banking

FBR collects Rs12,240m from taxpayers through online banking

ISLAMABAD: Federal Board of Revenue (FBR) recorded 14,904 transactions and received Rs2,240 million from taxpayers opting to use always-on alternate delivery channels, i.e. ATM, online banking, phone banking and contact centers, for payment of federal taxes, including income tax, sales tax, customs duty and federal excise duty.

Sources told Customs Today that the facility was launched in March this year in collaboration with the State Bank of Pakistan and 1Link has afforded the taxpayers the comfort of paying their tax within a space of five minutes at any time during the week by using the alternate delivery channels such as ATM, online banking, phone banking and contact centers.

Since March 2018, FBR has recorded 14,904 transactions, netting 12,240 million, including Rs8,750 million secured by the Inland Revenue through 7,304 transactions and Rs3,490 million secured by the customs through 7,600 transactions.

It may be added that before the launch of this facility, taxpayers had to go through five steps involving payment of taxes, including a visit to the National Bank of Pakistan or State Bank of Pakistan and the time consumed in previous modes of payment often exceeded eight hours, starting from the preparation of PSID to the availability of CPR. Now the payment time is reduced to merely five minutes.

The new facility lets the taxpayers pay their taxes through ATM and from their homes and offices not only in Pakistan but also from outside Pakistan by accessing their bank accounts online.

The new facility is not merely providing ease of payment to taxpayers but also helping improve Pakistan’s ranking on the World Bank’s ease of doing business index and attracting local as well as foreign investment in the process