- Taxpayers in Karachi facing challenges in paying sales tax and claiming debit/credit notes
- Karachi Tax Bar Association (KTBA) raised issue in a letter to Member IR, operations
- Sales tax on advances reintroduced after five-year hiatus, but IRIS system not updated
- Taxpayers unable to declare and pay sales tax on advance receipts in current returns
- FBR implemented restrictions on declaration of credit notes through IRIS portal
- Suppliers cannot declare credit notes independently without buyers first declaring debit notes
- Six-month time limit for suppliers to issue credit notes after declaring sales tax invoices
- KTBA requests clarification and guidelines on how to declare advance invoices and make necessary adjustments in tax returns.
Source: brecorder.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.
