According to reports, the Federal Board of Revenue (FBR) has established a single platform to help taxpayers, promote ease of doing business, and save compliance costs when it comes to submitting sales tax returns for December 2021.
“The uploading of sales tax invoices for December 2021 has been permitted to allow registered people to familiarise themselves with the new system,” the FBR stated, adding that the previous sales tax return would be inaccessible. The statement was made for the December 2021 sales tax returns, which are due in January 2022.
According to the revenue board, sales tax registered people will be able to submit a single sales tax return instead of filing separate reports to the FBR and each of the other province sales tax authorities using this platform.
The FBR noted that reporting sales tax through the platform would not only save time but also simplify the returns filing procedure.
“The portal will reduce data input and handle the problem of data and computation mistakes,” says the company. It would also allocate input tax adjustments and payments between sales tax authorities automatically, removing the need for reconciliation and payment transfers,” it noted.