In an effort to provide relief to businesses operating in Pakistan, FBR has signed an MOU with all provincial revenue authorities, facilitating businesses with a single sales tax return filing and a single web portal. FBR chairman, Mr. Muhammad Javed Ghani, signed the MOU whereas heads of all provincial revenue authorities signed the document on behalf of their respective departments. By providing ease of doing business in Pakistan, many companies are relieved.
FBR Provides Ease of doing Business in Pakistan by Allowing One Sales Tax Return Filing
Previously businesses providing several services had to register themselves in the province where they are operating. So companies that are operating in multiple provinces had to file a separate sales return for each province every month. Since the sales tax rate of each province is different, the overall process for businesses was full of hustle as they had to file five sales tax returns for each province if operating throughout Pakistan.
Surpassing this old system, people associated with a business will have to file only one tax return which will simplify the tax system and overall procedure. This will welcome more companies to start operations in Pakistan and will smooth the overall economic situation of the country.
While with time FBR is getting fully automated making it easier for businesses to pay tax, it is also following the Prime Minister’s vision of digital Pakistan. This is a very good step as it will create a tax payer regime in the country while providing ease of doing business.
While the overall procedure is not shared yet, we will get to know it in the coming days.