ISLAMABAD: The Federal Board of Revenue (FBR) has decided to implement an electronic sales tax (e-ST) integration system at multinational companies dealing in the fast moving consumer goods.
Sources told Business Recorder that the supply chain of the fast moving consumer goods including dealers and wholesalers would be integrated with the FBR’s system. At present, Tier-I retailers are required to use an integrated system of sales tax invoices which would be expanded to other sectors as well. After big retailers, this would be a major test case for the FBR to document the entire supply chain of fast moving consumer goods.
The board has issued notification to provide mode and manner for issuance of electronic integrated invoices for more categories of registered persons from such date as notified by the FBR. The test phase would be launched at the big companies dealing in the business of fast moving consumer goods.
The new procedure shall apply to electronic transmission of sales tax invoices by the registered persons from such date and in the manner as may be specified by the board through notification in the official gazette. The integrated supplier shall issue a real-time verifiable electronic sales tax invoice for every taxable supply and service made by him, containing such information as prescribed under section 23 of the Act. The registered person shall also retain the record and documents for a period of six years on electronic media, the FBR said.
The FBR stated that the integrated supplier shall comply with all requirements specified by the Board for integration, recording, storage, issuance and transmission of verifiable electronic invoices in real-time, such as provision of any hardware, software or connectivity required under these rules for the purpose of integration and operations of the electronic invoicing system.
The integrated supplier shall allow physical and online remote access to the record, system, logs and documents maintained in electronic form as and when required by the officer of Inland Revenue.
Copyright Business Recorder, 2023