KARACHI: The Federal Board of Revenue (FBR) has unveiled a comprehensive digital invoicing process for sales tax registered businesses aimed at improving tax compliance and enhancing transparency.
This initiative has been launched under the vision of Prime Minister Muhammad Shehbaz Sharif to digitize every sector of the economy. The new system is expected to eliminate unregistered invoices, simplify sales tax return filing, enhance the business transparency and prevent theft in the supply chain.
The new system is designed to streamline invoicing through a step-by-step integration with the FBR’s digital platform. Under the procedure, taxpayers are first required to register through the IRIS portal as a one-time process and then will select a licensed preferred integrator. After seamless integration through an approved integrator, the automated issuance of digital invoices will become possible.
Each invoice undergoes validation by FBR, which assigns a unique invoice number and QR code to every approved transaction. This ensures greater authenticity and minimizes risks of duplication or manipulation. This will also help to eliminate the fake or unverified invoices and allow the buyers to view the invoices and accordingly claim input tax.
According to officials, the digital invoicing mechanism is expected to significantly curb tax evasion, strengthen documentation of the economy, and improve revenue collection.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.