- Anomaly in Sales Tax Returns: The Karachi Tax Bar Association (KTBA) has raised concerns with the Federal Board of Revenue (FBR) about a lack of provision in Annexure-B of the Sales Tax Return form, which prevents taxpayers from disallowing input tax under Section 7A of the Sales Tax Act, 1990.
- Impact of New System Features: The introduction of an invoice-wise feature in the IRIS Sales Tax Return system has complicated the process, as taxpayers can no longer manually enter disallowed amounts, leading to potential inaccuracies in sales tax liability calculations.
- Call for Immediate Action: The KTBA has formally requested the FBR to amend Annexure-B to allow for the disallowance of minimum value addition tax paid at the import stage, emphasizing that addressing this issue is crucial for accurate tax filings and preventing revenue loss.
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.
