FM to Launch FBR’s National Sales Tax Return

FM to Launch FBR’s National Sales Tax Return

As the world is moving on towards the digital era in every field, FBR is also efforts to make its services and processes digitalized. Building further on its ongoing drive for digitization to facilitate the taxpayers, promote ease of doing business and reduce compliance costs, FBR achieved one more milestone in the digital world by developing National Sales Tax Return. This is, by all means, a step into the new world of automation, data integration, and harmonization of taxes.

What is a Sales Tax Return?

Let’s first discuss what is Sales tax return is. A Sales Tax return is the taxpayer’s document of declaration through which the taxpayer not only reports the details of transactions during a tax period but also deposits his Sales Tax liability.

On the Sales Tax return form, the taxpayer declares for a particular tax period and respective input tax and output tax, at the prescribed rate of Sale Tax. In case, the input tax exceeds the output tax, the amount of refund claimed or excess input tax is also declared in the return.

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A registered person with FBR shall file a single return for all the possible sectors that the registered person is operating in. The due date for the single return for the sectors would be the due date applicable to his major activity in terms of sales tax or federal excise duty payable.

Where a Sales Tax Return is not filed within a period of six months after the due date, the Sales Tax Return shall be filed only after approval of the Commissioner Inland Revenue having the appropriate jurisdiction.

Benefit by the digital facility of National Sales Tax Return:

It is pertinent to mention that the C was developed after rigorous discussions with the provincial governments and their revenue authorities. The feedback from other stakeholders, including taxpayers and tax practitioners, was also incorporated. This digital facility will simplify tax filing procedures and thereby will help save taxpayers the compliance costs. This has been one of the key recommendations of international agencies such as the World Bank and IMF.

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Another benefit of this digital system is that it will encourage the harmonization of tax procedures, definitions, and principles between the federal government and the provincial government, which will promote national unity and ensure cohesion.

Why the digital facility of the National Sales Tax Return was needed?

The National Sales Tax Return will minimize manual data entry, which will address the common issues of data and calculation errors, as most of the time, there are mistakes in the records due to human error. The system will automatically split input tax adjustment as well as tax payments across the sales tax authorities, eliminating the need for reconciliations and payment transfers.

Through this digital system, officers of all the revenue authorities will be able to make better and informed decisions regarding the matters of the taxpayers. It will enable tax collectors to improve revenue potential and tax compliance without audits.

In Pakistan, sales tax on goods is collected by the FBR while sales tax on services is collected by each of the four provinces in their respective territory. Sales tax on services in the Federal Capital Territory in Islamabad is also collected by FBR, while Azad Jammu and Kashmir, and Gilgit-Baltistan have their own tax authorities.

For this reason, taxpayers were required to file separate sales tax returns every month to each of the different collecting authorities where they conducted business, which was causing them hardship and increased compliance costs. For example, a telecommunication service provider operating throughout Pakistan had to file returns every month to FBR, Sindh Revenue Board, Punjab Revenue Authority, Khyber Pakhtunkhwa Revenue Authority, Baluchistan Revenue Authority, AJK Council Board of Revenue, and Gilgit-Baltistan Revenue Authority. This was a very tedious and cumbersome task, which often led to errors and disputes.

Keeping the above in view, this milestone initiative is going to contribute significantly to not only maximizing revenue potential but also help in eliminating the culture of fake/flying invoicing, suppression of sales and thereby ensure tax compliance across Pakistan.

To know more about the real estate properties, trends and other latest news, keep reading https://pakistanpropertyservices.com.pk/latest-news.html/ where we regularly update the latest news about real estate sector in Pakistan. For more information, contact Pakistan Property Services. We provide you better consultations for your real estate matters regarding Bahria Town projects being the authorized dealers. For further information, you can also visit our YouTube channel where we update regularly to get to know about the new trends in real estate market of Pakistan.

Projects We Deal in:

Many residential and commercial societies in Pakistan are evaluated carefully to help our clients make the better decision. Pakistan Property Services helps the clients invest in projects with good prospects that depend upon the parent company, developers, location, payment plan, amenities they can have in the desired project.

Lahore:

Lahore is the cultural and economic hub as well as the provincial capital of Punjab. The city is well known for its huge economic opportunities in different sectors. People come from different areas to grab these opportunities and have a residence here. Below the list of some of the top Projects in Lahore:

Karachi:

Bahria Town Karachi is a benchmark within the landscape of Karachi with its world-class excellent-planned society. This society is sketched with an area concept to supply outstanding lifestyle facilities to its residents and can introduce new benchmarks of community development in Karachi. Below the list of some of the top Projects in Karachi:

Islamabad:

Islamabad is nestled against the backdrop of the Margalla Hills. It is a modern, planned city with wide tree lined streets, large houses, elegant public buildings and well-organized bazaars. It is however; always under construction to improve transportation or develop new housing areas for its growing population. The walkways are shaded, safe, and separated from the traffic by rows of flame trees, jacaranda and hibiscus. Roses, jasmine and bougainvillea fill the parks, and scenic viewpoints show the city to its advantage. Below the list of some of the top Projects in Islamabad:

Rawalpindi:

Rawalpindi is an important administrative, commercial, and industrial centre. Its industries include locomotive works, gasworks, an oil refinery, sawmills, an iron foundry, a brewery, and cotton, hosiery, and textile mills; it also produces shoes, leather goods, pottery, newsprint, and tents. Below the list of some of the top Projects in Rawalpindi:

Faisalabad:

Faisalabad, formerly known as Lyallpur named after the founder of the city is the third-most-populous city in Pakistan after Karachi and Lahore respectively, and the second-largest in the eastern province of Punjab. Below the list of some of the top Projects in Faisalabad:

Gujranwala:

Gujranwala is a city and capital of Gujranwala Division located in Punjab, Pakistan. It is also known as “City of Wrestlers” and is quite famous for its food. The city is Pakistan’s 5th most-populous metropolitan area, as well as 5th most populous city proper. Below the list of some of the top Projects in Gujranwala:

Multan:

Multan is city of Saints, it is best place to live if you belong to either middle class family, rich family or a poor family. The city is now develop city of Pakistan you can get every life facility here easily at low cast. Multan’s foods are very delicious especially mangoes of Multan are world famous. Below the list of some of the top Projects in Multan:

Bahawalpur:

Bahawalpur lies in the heart of South Punjab and is filled with stories that surround the legacies of Kings, Nawabs and their extravagant lifestyles. Below the list of some of the top Projects in Bahawalpur:

Peshawar:

Peshawar is the capital of the Khyber Pakhtunkhwa province of Pakistan. It is the biggest city of Khyber Pakhtunkhwa and is a relatively prosperous city. It is also a cultural and economic hub of Khyber Pakhtunkhwa. The city is famous for its food and tourism as it is one of the oldest cities of Pakistan with a recorded history that dates back to 539 BC. Below the list of some of the top Projects in Peshawar:

Gwadar:

Gwadar, town and seaport, southwestern Balochistan province, southwestern Pakistan. Located on the sandy Nuh headland that juts southward into the Arabian Sea, the town is an important fishing (sardines and sharks) and trade centre. Below the list of some of the top Projects in Gwadar:

Suggestions:

We can see that the Pakistan Real Estate Forecast 2021 suggests investing more in this market as it promises a huge profit in the coming future. The investors should purchase the properties at a low rate so that they can earn more by selling it once the rates are good enough.

Related Cool Links:

Maps of Societies and Projects in Pakistan:

Maps are the only source to view online high resolution 24 hours updated maps of Housing Societies, Schemes, Towns, Villas and Homes in all over Pakistan. Below the list of maps of some of the top Projects in Pakistan:

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