KARACHI: The WeBOC system will be able to collect transactions records of the taxpayers online for audit and reconciliation after the launch of e-payment system, likely to be operational by this December.

Currently, 89 per cent payments are made through pay orders prepared in other Banks/branches and 11 per cent in the designated National Bank branch. Therefore, the customs department can easily manage audit and reconciliation exercise. But, it would be quiet difficult for the department after the launch of e-payment system to do the same hence a new feature is being incorporated in the system to make WeBOC enable to collect transactions records of the taxpayers online for audit and reconciliation.

For audit and reconciliation, the WeBOC will generate reports based on Payment Slip ID (PSID) and e-Computerized Payment Receipt (CPR) for the customs and AGPR after auto-fetching from SBP’s Data Acquisition Portal (DAP) which will receive from I-Link through Banking Services Corporation (BSC), customs official documents said.

Elaborating about the details, the document said that bank debited the PSID amount from taxpayer’s account and credited it to 1-Link, which sent ‘transaction success’ message to WeBOC for cargo release. The BSC not only issues e-CPR, which contains PSIAD details (NTN, amount along with tax-wise break-up) but also downloads individual transaction-files from 1-Link for reconciliation in batches and then WeBOC will auto-fetch the same and upload transaction reports from SBP’s DAP. Later, the reports will be generated after mapping of PSID with e-CPR for reconciliation by AGPR and customs and DAP will also generate daily scrolls through WeBOC.

Presently, traders can pay duty and taxes during normal banking hours and the existing payment system takes 3-4 days for clearance of revenue receipts involving National Institutional Financial Technologies Pvt. Ltd (NIFT). While, the e-payment system will provide round the clock facility to the taxpayers for payment of duties/taxes through online banking and reduce clearance time from 4 days to 24 hours.

The e-payment system will not only reduce corruption due to minimize human interaction but it will also ensure compliance of international commitments i.e. RKC and TFA with enhance transparency in revenue receipts for the purpose of reconciliation between customs and treasury and audit by Department of Revenue Receipt Audit (DRRA).