FBR makes sales tax payment license mandatory for all retailers

FBR recently unveiled updated sales tax regulations set to significantly impact retailers nationwide, per a news report dated December 12.

Read: Federal Board of Revenue Imposes Stringent Measures Against Non-Filers; Warns Of Utility Disconnections

According to the official announcement, retailers must now secure a sales tax payment license, necessitating the submission of relevant information to the Federal Board of Revenue.

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 Federal Board of Revenue is forming a specialized committee.

Read: Taxes Collected From Immovable Properties Increased By 340.5% In FY23, According To The FBR

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.