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Pakistan: Shippers Bound to E-Payment Over Rs1m Duty, Taxes

taxes and duties by e-payment
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[LAHORE] As per FATF necessities and as a measure towards digitalization and computerization of the economy, the government has made it obligatory for all shippers to pay tolls and assessments in an abundance of Rs1 million through the e-payment system.

Overview:

From Wednesday (January 20), all obligations and taxes over Rs1million will only be paid through e- payment systems – internet/mobile banking, ATM, over-the-counter (OTC). or any electronic method approved by the State Bank of Pakistan.

This has been done as a component of the Financial Action Task Force’s necessities, Lahore Customs (Appraisals) Collector Mohsin Rafique said at a gathering facilitated by the All Pakistan Textile Mills Association (Aptma) on Tuesday. furthermore, financing costs on e-payments keep on developing quickly and can be estimated by the way that the quantity of e-payments in annual assessment, deals expense and Federal Excise Duty expanded from 6.26pc for all-out instalments between July-December FY20 to more than 40pc during a similar time of FY21.

Similarly, the amount of money invested in these e-payments increased from 13.55pc in total payments to 76.5pc during the comparison period this year, he added.

Read Also: Lahore Students Request Online Exam, Charge Discount in Protest Outside Governor House.

The facility for paying all FBR taxes as well as some provincial taxes has been introduced for convenient and hassle-free payment. Traders can now pay all import taxes and duties electronically at ports and border stations across the country. Moreover, the taxpayers can also pay income tax, sales tax, and Federal Customs Tax electronically from their homes. The e-payment system provides taxpayers and merchants with an around-the-clock facility to pay customs and other FBR taxes online as well as provincial. cess tax and stamp.

The facility is accessible through the web and portable banking by utilizing in excess of 15,000 ATMs of bank offices the nation over.

The office enormously helped the merchants and different citizens during the Covid-19 pandemic since everything exchanges can be finished without actual cooperation. At present, 18.6pc of import obligations and duties are being gathered by Pakistan Customs through the e-payment system, said Mr Rafique.

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Muhammad Tayyab

I am a creative article writer. I write posts related to gaming and technology.

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