KARACHI - State Bank of Pakistan appointed Bank of Punjab (BOP) as its agent for collecting provincial receipts and taxes of government of Punjab in a signing ceremony held at SBP here on Monday.

The appointment is a part of SBP’s strategy to facilitate the federal and provincial governments in improving their tax collection systems. This will diversify tax payment options for the taxpayers, introduce much needed competition in governments’ tax collection business and thus will improve the service quality of banks engaged in government tax collection business.

Speaking on the occasion, Syed Irfan Ali, Executive Director, SBP said; “SBP, being banker to the federal and provincial governments, is fully committed to provide efficient, competitive and state of the art banking services to the governments either by itself or through its agencies across the country. He expressed his optimism that inclusion of BOP will give a big boost to the provincial government’s efforts to facilitate taxpayers in payment of government dues and taxes. He said, based on the experience of BOP, similar arrangements will be made with other provincial governments to collect their taxes through banks of their choice.

Naeemuddin Khan, President BOP, thanked SBP and GoP for posing confidence for collecting the Punjab government taxes.