- FBR now requires registered taxpayers to provide full transaction details in sales tax returns
- This new rule aims to increase transparency and compliance with tax laws
- Taxpayers must submit detailed records of sales, purchases, and taxes electronically
- Electronic submissions through web or other media are considered valid
- FBR may define criteria for electronic data submission and roles of e-intermediaries
- Inland Revenue officers can issue notices for non-compliance with a typical response time of 15 days
- Tax fraud notices can be issued up to 15 years post the relevant financial year
- Taxpayers can file revised returns within 120 days of the original to correct errors
- Revisions within 60 days that increase tax payments do not need additional approval
- Penalty waivers available for voluntary disclosure and payment of evaded taxes before audit notices
- FBR can demand specific transaction details for certain goods or sectors
- The directive is part of FBRs efforts to enhance fiscal discipline and transparency 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.
