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SBP and CBR to launch automated tax deposit system

ISLAMABAD (May 08 2007): The State Bank of Pakistan (SBP) and the Central Board of Revenue (CBR) have decided to launch second phase of automated tax deposit system under which multiple challans with National Tax Number (NTNs) or computerised national identity card numbers (CNICs) would be accepted at banks from May 20, 2007.

Sources told reporters on Monday that a high level meeting on the new automation system was convened on May 5 in Karachi to sort out all issues for smooth implementation of new challan form under the project. The meeting was attended by Governor SBP, Dr Shamshad Akhtar, CBR Chairman M. Abdullah Yusuf and senior officials of the National Bank of Pakistan (NBP).

Tax authorities and NBP/SBP officials discussed threadbare different areas of the project particularly automation for its full-fledged implementation. Sources said that the SBP has assured the tax authorities that the bank would arrange budget allocation of Rs 29 million for replacing the manual multiple deposit challan with the Computerised Payment Receipt (CPR). In this regard, SBP would not demand this amount from the CBR.

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