Home Economy Customs duties, taxes over Rs. 1 million to be paid through e-payments

Economy

Customs duties, taxes over Rs. 1 million to be paid through e-payments

January 11, 2021

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As per the new annoucnement from Customs department, any custom duty or tax above Rs1 million will now only be made electronically from January 15 .

A per the statement, new consignments coming through the WeBOC system of the customs will be cleared on e-payment of duty and taxes above Rs1 million.

The statement said that the e-payment system is a digital and efficient way of collecting tax payments through the internet. Banks, taxpayers, withholding agents and e-intermediaries are the prime beneficiaries of this system. Taxpayers will now create electronic payments irrespective of the place and will be able to schedule their payments to be credited to the government of Pakistan accounts on any future dates.

The e-payment system will improve the workload situation of the bank and customs staff. Payments received through Payment System (PAYSYS) will instantly be communicated to the customs systems of FBR and banks. The system will have easy and convenient informative reports for daily branch-level operations. Payment System also provides you with electronic payment documents in hard copy as well as an electronic copy in PDF format for subsequent utilisation, the statement added.