Liability to special levy on Banks
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Every bank shall be liable to pay to the Director-General a special levy on its leviable income derived in every accounting period at the rate of
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5.5% in the case of a bank having a leviable income of not more than Rs 1.2 billion;
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4.5% in the case of a bank having a leviable income of more than Rs 1.2 billion.
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The levy for a bank in operation as at 30 June 2022 shall be –
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the levy payable under (a) above; or
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1.5 times of the levy payable for the year of assessment 2021-2022, whichever is lower
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Every bank shall remit the special levy to the Director-General at latest 5 months from the end of the accounting period, in such form and manner as the Director-General may approve.
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No levy shall be paid for an accounting period where a bank incurred a loss in the accounting period.
Deadline for E-Filing of special levy on banks
The due date for submission of the return and payment of tax is 5 months from the end of the accounting period.
E-Filing of VAT special levy on banks Form
Click here to read notes to VSLB
Late payment of special levy
Where a bank fails to pay the special levy on or before the last day on which it is payable, it shall be liable to pay to the Director-General, in addition to the levy:
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a penalty of 5% of the levy; and
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Interest on the levy at the rate of 0.5% per month or part of the month during which the levy remains unpaid.
Mode of Payment
Direct Debit
To make use of this payment facility, you should fill in a "PLACH Direct Debit Mandate" form available here or MRA Service Counter and send it to MRA Head Office before the due date for filing the return for onward processing to your bank. Taxpayers, who have already availed themselves to this payment facility, need not fill in a new "PLACH Direct Debit Mandate" form.
Support Services
For further information, you may call MRA Help Desk on 207 6000