Oil and gas cos, microfinance banks: FBR, all PRAs/Board agree to extend scope of SSTR

ISLAMABAD: The Federal Board of Revenue (FBR) and all the Provincial Revenue Authorities/Board have unanimously agreed to extend the scope of a Single Sales Tax Return (SSTR) to additional two sectors i.e. oil and gas (exploration and production) companies and microfinance banks.

According to the details released by the FBR on Friday, taxpayers registered in these two sectors are now required to file their sales tax returns for the tax period November 2024 due in December 2024, and onwards on Single Sales Tax Return.

All stakeholders are notified that the Single Sales Tax Return is now accessible through the Single Portal i.e. www.iris.fbr.gov.pk.

FBR reconstitutes SSTR committee

The FBR had launched a single sales tax return (tax period of January 2024) for the telecom sector filed in February 2024 through the Single Sales Tax Portal.

According to the FBR’s instructions, in pursuance of the government’s desire to facilitate taxpayers, promote ease of doing business, and reduce compliance costs, FBR has developed a Single Sales Tax Portal/ Return, in consultation with all Provincial Sales Tax Authorities, to simplify the process of filing of sales tax return.

Through this portal i.e. www.iris.fbr.gov.pk, sales tax registered persons shall be able to file a single sales tax return instead of filing separate returns to FBR and each of the different Provincial Sales Tax Authorities. Thus, it will save time and effort besides simplifying the return filing process. It will minimize data entry and address the issues of data and calculation errors.

The system will allow apportioning of input tax adjustment as well as tax payments across the sales tax authorities, eliminating the need for reconciliations and payment transfers. A great benefit of this system is that it will encourage harmonization of tax procedures across Federal and Provincial Government Revenue Authorities, which will promote national unity, FBR added.

Copyright Business Recorder, 2024