ISLAMABAD: The Federal Board of Revenue (FBR) has allowed adjustment through credit notes against sales tax returns from unregistered buyers.
In this connection, the FBR has issued instructions to the field formations, here on Wednesday.
According to the FBR’s instructions, the automated system is not allowing adjustment through credit notes against sales return through un-registered buyers due to reported lapses. In order to facilitate the genuine taxpayers, it is decided that adjustment through credit notes against sales tax returns from unregistered buyers may be allowed in automated system to the taxpayers registered as manufacturers-cum-retailers and retailers up to a maximum limit of 10 percent of the total un-registered sales declared during the month.
Presentation to PM being finalised by FBR
The facility has been enabled subject to the condition that no negative sales values shall be allowed through the automated system, the FBR added.
The FBR has further clarified that the issue of credit notes has been resolved. Therefore, all sales tax registered persons, especially importers and retailers are encouraged to file their pending sales tax returns if any, without further loss of time. The country’s premier revenue collection organisation has also reiterated that it strongly believes in taxpayers’ facilitation.
The FBR has already taken a number of innovative measures both at policy and operational levels to ensure ease of doing business and thus, promote a culture of tax compliance in the country, the FBR’s clarification added.
Copyright Business Recorder, 2022
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