Online Tax Payments will be Free to 1st January, 2020
The State Bank of Pakistan has
announced that from 1st January 2020, the State Bank of Pakistan
will bear the digital payment fee or transaction charges which were being charged
form the customers. The Central Bank has announced that it will bear the cost
of online payment of taxes and duties to Government in a bid to document the
economy, however, this will cost the Central Bank mission of rupees.
This will prove to be a game-changer in the payment system, State Bank of Pakistan Director Finance Qadir
Bakhsh said at a seminar titled “Collection of Taxes through alternate Delivery
Channels and over the counter” on Thursday. Furthermore, the added that there
will be no deduction made from customers' accounts. The Government will get the
revenue directly in its treasury account.
Currently, the transaction fee
for tax payment is
- Rs. 10 for up to Rs. 100,000
- Rs. 20 for Rs. 100,000 to Rs. 1 Million
- Rs. 50 for above Rs. 1 Million
These (Fee Payment by the State
Bank of Pakistan) will promote digital banking and help the Government document
the economy, the State Bank of Pakistan Director Finance.
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