- FBR introduced a new SOP for granting time extensions under the sales tax law
- Sales Tax Circular No. 1 of 2024 provides guidelines for condonation of time limits under Section 74 of the Sales Tax Act, 1990
- Registered persons must apply to the Commissioner Inland Revenue for an extension, specifying grounds for delay
- Commissioner Inland Revenue will send recommendations to the Board within fifteen days of receiving the application
- Board will examine the request and communicate approval or rejection to both the Commissioner and the applicant
- The new SOP also applies to condonation sought under Section 43(2) of the Federal Excise Act, 2005
- The circular supersedes Sales Tax Circular No. 02 of 2020/IR Operations
- The new SOP aims to streamline the process of granting time extensions and promote transparency, efficiency, and accountability in tax-related matters.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
