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Supply chain, business activities revealed to be affected by FBR’s new notice

by Web Desk
October 23, 2024
in Business
Supply chain, business activities revealed to be affected by FBR's new notice
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ISLAMABAD: The notification issued by the Federal Board of Revenue (FBR) to prevent fake and bogus invoices has affected the submission of sales tax returns as well as the supply chain system and disruption of business activities. It has been revealed.

The Federal Tax Ombudsman has expressed concern over the notification issued to prevent fake and bogus invoices in filing sales tax returns, disrupting supply chains and disrupting business activities, and the FBR has asked the FBR to Instructions have been issued to take immediate steps to eliminate complications.

In this regard, the Federal Tax Ombudsman has issued a decision after hearing the complaint filed by the complainants, in which the Federal Tax Ombudsman (FTO) has issued a false and bogus statement on behalf of the Federal Board of Revenue (FBR). SRO 350(I)/2024 issued for withholding of invoices has not only affected the submission of sales tax returns but also the supply chain system and has expressed serious concern over disruption of business activities.

According to the details, the FTO, taking note of the difficulties faced by the sales tax registrants, expressed surprise that SRO 350(I)/2024 has caused injustice to the sales tax payers.

The FTO has directed the FBR to take immediate steps to remove complications arising out of this notification. The FTO further directed the FBR to issue guidance and detailed instructions to the registered persons on how to deal with these complications.

Further, FBR should direct Member Inland Revenue Operations and Member Sales Tax Policy to update the IRIS system as per SRO 1130(I)/2024 and in submission of sales tax returns. Explore possibilities for further facilitation.

The FTO order stated that most of the issues arising under SRO 1130(I)/2024 have been resolved, however during the implementation of SRO 350(I)/2024 the taxpayers The difficulties faced need to be removed while the complainants also suggested that the buyers should be made the withholding agents of the sellers to facilitate the process of submission of returns.

He added that the FBR should develop a technology-based automated system that would facilitate simultaneous submission of sales tax returns for entities engaged in mutual transactions. The FTO directed the FBR to address the difficulties of taxpayers and provide them with more facilities.

Tags: commissiongovernmentinternationalNationaltime line news
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