- FBR has relaxed the requirement for submitting an affidavit alongside the sales tax return for September 2024
- This decision follows appeals from trade bodies and aims to build trust among stakeholders
- Alternative proposals to curb falsified sales tax returns will be accepted until October 31, 2024
- The FBR stressed that enforcement under the Sales Tax Act of 1990 remains strong
- The introduction of the affidavit was driven by alarming findings of fraudulent practices in sales tax returns
- The affidavit was meant to hold CFOs and authorized representatives accountable for the accuracy of tax returns
- The FBR chose to temporarily relax the affidavit requirement due to complaints from trade bodies
- The relaxation of the affidavit requirement aims to balance regulatory enforcement with practical challenges faced by businesses.
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.
