Taxpayers Unable to Deposit Taxes on Saturday Due to Bank Holiday

Despite the Federal Board of Revenue’s (FBR) weekend field formations opening, taxpayers and importers could not deposit taxes at banks on Saturday.

The Large Taxpayer Units (LTUs), Medium Tax Offices (MTUs), Regional Tax Offices (RTOs), and Corporate Tax Offices (CRTOs) were open. They observed normal working hours on Saturday, according to FBR directives to the Inland Revenue field formations (May 7).

According to tax advisers, banks remained closed on Saturday, while the FBR’s field offices remained open. However, due to the bank holiday on Saturday, taxes cannot be deposited in banks.

Taxpayers can deposit their taxes online, although the vast majority deposit cash by Challans at the National Bank of Pakistan (NBP). Approximately 90% of taxpayers, excluding businesses, deposit some money at banks, and the majority are unaware of the internet transfer or payment of taxes. As a result, just 10% of taxpayers, i.e. corporate entities, use online services to deposit taxes.

According to a tax expert, Saturday was not the end of the month. Most taxpayers normally deposit their taxes towards the end of the month. As a result, the Saturday bank closure was not a huge concern for taxpayers.

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