Karachi Banks to Extend Hours for Tax Collection on March 30th and 31st

Karachi, In an effort to assist taxpayers with the payment of government duties and taxes, it has been announced that bank branches across Karachi that are operational on Saturdays will extend their working hours until 4:00 p.m. on the 30th and 31st of March, 2024. This extension aims to enhance the convenience of tax payments through both Over-the-Counter services and Alternate Delivery Channels.

According to State Bank of Pakistan, special arrangements have also been made with the National Institutional Facilitation Technologies (NIFT) to conduct special clearing sessions at 4:00 p.m. on both days to ensure the same-day clearing and settlement of payment instruments. This measure is designed to prevent any spillover of tax receipts, ensuring that all government receipt-related transactions lodged within the specified office hours are processed within the value date of March 31st, 2024.

Furthermore, banks have been instructed to keep relevant branches open on March 30th and 31st as needed to accommodate these special clearing sessions for government transactions. This initiative reflects a concerted effort to streamline tax payment processes and enhance the efficiency of government receipt collections at the end of the fiscal period.