Monday , April 12 2021
Breaking News
Home / Breaking News / Importers to pay duty & taxes through e-payment system: Collector Muneeza Majeed
Importers to pay duty & taxes through e-payment system: Collector Muneeza Majeed

Importers to pay duty & taxes through e-payment system: Collector Muneeza Majeed

MULTAN: The Federal Board of Revenue (FBR) has taken initiative measure towards digitalisation and automation of economy in compliance with FATF. The federal government has made it mandatory on all importers to make payment of duties and taxes exceeding Rs1 million through the e-payment system.

Collectorate of Appraisement and Facilitation Faisalabad has also issued notification regarding that all duties and taxes over Rs1m will be paid only through the system of e-payment — internet/mobile banking, ATMs, over-the-counter (OTC) or any other electronic method approved by the State Bank of Pakistan.

It has been done since it was one of the requirements of the Financial Action Task Force, revealed Multan Customs Dry Port Collector Muneeza Majeed while speaking at a seminar organised by the business community.

The taxpayers’ confidence and interest in e-payment continue growing fast and it can be gauged from the fact that the proportion of e-payments of income tax, sales tax and Federal Excise Duty increased from 6.26pc of total payments during July-December FY20 to over 40pc during the same period of FY21. Similarly, the proportion of amount deposited in these e-payments has jumped from 13.55pc of total payments to 76.5pc during the comparative period of the current year, he added.

The facility for payment of all FBR taxes as well as some provincial taxes has been introduced for convenient and hassle-free payment. The traders can electronically pay all import duties and taxes through Customs computerised system WeBOC at ports and border stations across the country. Moreover, the taxpayers can also electronically pay income tax, sales tax and Federal Excise Duty from their homes. E-payment system provides a round-the-clock facility to taxpayers and traders to make online payment of customs duties and other FBR taxes as well as provincial cess and stamp duty.

The facility is available through internet and mobile banking by using more than 15,000 ATMs of bank branches across the country. The facility greatly helped the traders and other taxpayers during the Covid-19 pandemic since all transactions can be completed without physical interaction. Currently 18.6pc of import duties and taxes are being collected by Pakistan Customs through the e-payment system, said Khawaja Jalaluddin Roomi.