Richard Cordray, head of the Consumer Financial Protection Bureau, wants payments to catch up with real-time life.
Pakistan Customs has announced that starting from January 15, 2021, the payment of customs duties and taxes amounting to Rs. 1 million or more will have to be done online. The consignments through the WeBOC system will be cleared on e-payment of duty and taxes above Rs. 1 million.
The customs department stated that the online method of payment is the modern way of collecting taxes as it is fast and reliable. It also benefits banks, taxpayers, withholding agents, and e-intermediaries. Moreover, the payments can be made from anywhere in the world providing the users with much-needed ease. It will also enable taxpayers to schedule their payments.
The shift to an online method of payment will allow for instant communication between FBR and the banks decreasing the workload of the bank staff. The payment system will also provide the user with electronic payment documents in hard copy as well as an electronic copy in PDF format for subsequent utilization.
The payment through online methods is also more transparent as they can be traced to their origin and their records are maintained electronically which can lead to a lower level of corruption that usually takes place when such large amounts are in question.
Image Source: NPR
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