State Bank of Pakistan Appoints BoP as its Agent for Tax Collection

State Bank of Pakistan (SBP) appointed Bank of Punjab as its agent for collecting receipts, taxes for Government of the Punjab. Citizens of Punjab will now be able to submit their receipts, taxes, etc. at all the branches of Bank of Punjab across province. This historic milestone achieved by Punjab Government might as well open doors for the private banks to be included as agents to collect taxes, levies and fees. This would not only diversify tax payment options viz. electronic and mobile payment methods for tax payers but also introduce a much needed competition in government’s tax collection business thereby improving the service quality of banks engaged in tax collection. This has eased the launch of PITB’s first product – Electronic Stamp Papers.
This breakthrough should be credited to the untiring efforts of all stakeholders including Board of Revenue (BoR) Punjab, Finance Department (FD) Punjab, Bank of Punjab, State Bank of Pakistan and the PITB’s e-Stamping team.