- Introduction of Digital Invoicing for FMCG Sector: On December 17, 2024, the Federal Board of Revenue (FBR) issued STGO No. 2 of 2024, mandating that 107 identified FMCG manufacturers and importers integrate into a digital invoicing system by December 31, 2024, as part of an initiative to modernize tax processes.
- Challenges Due to Notification Deletion: Shortly after its release, the STGO No. 2 was deleted, causing uncertainty among stakeholders as the official list of FMCG entities and key details were no longer accessible. Businesses are now dependent on direct communication with FBR for clarifications on compliance.
- Implementation Framework and Benefits: Despite the deletion, the FBR plans to ensure successful integration through dedicated coordination, weekly progress monitoring, and an exclusion process for non-applicable entities. The initiative aims to enhance transparency, streamline compliance, and improve efficiency in tax collection, ultimately fostering a culture of compliance and trust in Pakistan’s tax administration.
Source: rtcsuite.com
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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.
