- FBR officials authorized to make best judgement assessments in sales tax cases
- Finance Bill 2024 proposes amendments to Sales Tax Act, 1990
- Best judgement assessment concept to be introduced under Sales Tax Act
- Applies in cases of failure to submit sales tax return or produce necessary documents
- Mechanism includes provisions for rectifying non-compliance
- FBR officials to follow prescribed conditions to ascertain minimum tax liability
- Expected to enhance FBR’s capability to enforce compliance and reduce tax evasion
- Taxpayers advised to maintain accurate records and respond promptly to FBR notices
- Tax professionals and businesses urged to stay informed and ensure compliance with new regulations
- FBR’s enhanced powers signify a proactive step towards more robust tax administration in Pakistan.
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.
