Govt.

Single Tax Portal for Filers Launched by FBR

The Federal Revenue Board (FBR) and the four provinces have decided to launch a single online portal for taxpayers to file tax returns for sales of goods and services under the government’s business facility initiative.

The single portal will take effect in August 2019. It will be an important tax reform, since it will be easier for taxpayers to present their declarations. The final decision was made at a high-level meeting at the headquarters of the Federal Revenue Board (FBR). The representatives of the revenue boards of the four provinces also attended the meeting.

Currently, the FBR collects the sales tax on the goods, while the provincial revenue agencies collect the service tax. The FBR then shares the sales tax with the provinces under the formula of the National Finance Commission (NFC).

Also Read  Patrol and Diesel Prices Raised by Rs 4.0 per Liter in Ramazan 2019

Under the existing mechanism, taxpayers have to submit five different declarations. With the launch of the new mechanism, all taxpayers will have to file their sales tax returns for goods and services in a single window. In the new portal, respondents may select their respective income board in case of service returns, while in the case of products, they would select FBR.

In addition, the portal will allow taxpayers access to all tax returns on sales of FBR and provinces through a single website. “We will start up the new system in the coming months,” said an official with FBR.

The official also said that two other important reform measures will be implemented after the portal’s introduction. In addition, he said that the FBR is working to simplify the sales tax return form. The board has already hired consultants to develop the form.

Also Read  Pakistan Budget for the year 2019-20 Full Details
Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close