- December 14, 2023
- Posted by: Muhammad Afzaal
- Category: RBS News
The Federal Board of Revenue (FBR) recently unveiled updated sales tax regulations set to significantly impact retailers nationwide, per a news report dated December 12.
According to the official announcement, retailers must now secure a sales tax payment license, necessitating the submission of relevant information to the FBR.
Noteworthy is the expansion of the sales tax ambit to encompass all registered individuals, departing from its prior focus solely on tier-one retailers.
To facilitate and oversee this licensing process, the FBR is forming a specialized committee.
This committee will hold the authority to evaluate furnished data and make determinations regarding license issuance or withdrawal. The objective behind this initiative is to ensure a more systematic and effective implementation of the revised sales tax regulations.
Stay tuned with RBS for more news updates.