Tag: Electronic Invoicing

  • FBR grants importers, wholesalers direct access to digital invoicing

    FBR grants importers, wholesalers direct access to digital invoicing

    The Federal Board of Revenue (FBR) has granted permission to importers, manufacturers, and wholesalers/dealers/distributors of fast-moving consumer goods to seamlessly integrate their electronic invoicing system with the FBR’s digital invoicing platform, eliminating the requirement for licenced integrators.

    The clarification, issued by the FBR, states that starting from February 1, 2024, entities involved in the import, manufacturing, wholesale, and distribution of fast-moving consumer goods must electronically transmit sales tax invoices.

    To ease the process for registered individuals, the FBR emphasises that until licenced integrators are officially designated, those notified under S.R.O. 28 of Sales Tax should integrate their electronic invoicing system with the FBR’s digital platform, readily accessible on the FBR’s website.

    The FBR has outlined specific categories of registered persons obligated to electronically transmit sales tax invoices, as per rule 150Q of Notification No. 1525(1)/2023 under Chapter XIV of the Sales Tax Rules 2006. This directive is effective February 1, 2024.

    Notably, the mentioned registered persons may request an extension for compliance by submitting an application to the Commissioner of Inland Revenue with jurisdiction, citing plausible reasons. In the context of this notification, “fast-moving consumer goods” refers to consumer goods supplied in retail markets based on daily consumer demand, excluding durable goods, according to the FBR’s definition.

  • Federal secretaries to play key role in Customs Board as part of tax reform drive 

    The interim government is poised to establish a dedicated Customs Board as part of the ongoing reform initiative to oversee the operations of Pakistan Customs. 

    Within the framework of the tax reform programme, five federal secretaries, namely those from Finance, Industries and Production, National Food Security, Commerce, and Interior, are slated to serve as ex-officio members of the Customs Board. 

    Insiders reveal that FBR Chairman Amjad Zubair Tiwana recently apprised Caretaker Prime Minister Anwaar ul Haq Kakar of the FBR’s reform agenda. 

    Additionally, reports suggest that the government has decided to institute a novel position, “Member Appraisal,” within the Customs Department with the aim of segregating appraisal from operational and enforcement functions. 

    Sources further indicate that the government intends to expand the scope of the Track and Trace System to encompass additional sectors as part of the new reform framework. 

    Furthermore, as part of the reform measures, tax authorities are set to implement an electronic invoicing system in designated sectors with the objective of overseeing the entire supply chain and mitigating the risk of smuggling.