As a step towards FATF compliance and digitalization of the economy and automation, the federal government has made it mandatory for all importers to pay duty and tax of more than Rs 1 million through the e-payment system.
According to the report, from Wednesday, January 20, all duties and taxes above Rs 1 million will be paid only through the e-payment system which includes internet, mobile banking, ATMs, OTC or Other electronic procedures approved by SBP.
Speaking at a seminar organized by the All Pakistan Textile Mills Association (APTMA), Lahore Customs (Appraisal) Collector Mohsin Rafique revealed that this was one of the requirements of the Financial Action Task Force. Taxpayers’ confidence and interest in ‘e-payments’ is growing rapidly and this can be gauged from the fact that during the financial year July-December 2020, the proportion of income tax, sales tax and federal excise duty e-payments was 6.26%. During the same period of FY 2021, it increased by more than 40%. Similarly, the proportion of deposits in these e-payments has increased from 13.55% to 76.5% of the total payments during the same period of this year.
For easy and hassle-free payment, all FBR tax payments, as well as a few provincial tax facilities, have been introduced. Traders can pay all import duties and taxes electronically through the Customs Computerized System WebOC at ports and border stations across the country.
In addition, taxpayers can pay income tax, sales tax and federal excise duty electronically from their homes. The e-payment system provides 24 hours facility to taxpayers and traders for online payment of customs duty and other FBR taxes as well as provincial cess and stamp duty. This facility is also available through the internet and mobile banking using more than 15,000 ATMs of bank branches across the country.
This facility helped traders and other taxpayers a lot during the Coronavirus as all transactions can be completed without physical interaction. He said that at present 18.6% import duty and tax is being collected by Pakistan Customs through e-payment system.
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