Islamabad, Dec 8: The Federal Board of Revenue (FBR) has announced that taxpayers registered in oil and gas (exploration and production) companies and microfinance banks will now be required to file their sales tax returns for the tax period of November 2024, due in December 2024, and onwards, using the Single Sales Tax Return (SSTR).
In collaboration with Provincial Revenue Authorities/Boards, FBR has expanded the scope of the SSTR to include these two sectors. Taxpayers in these sectors will now file their sales tax returns through the Single Sales Tax Portal, available at www.iris.fbr.gov.pk.
Previously, the FBR had implemented the single sales tax return for the telecom sector starting with the tax period of January 2024, which was filed in February 2024. This initiative is part of the government’s efforts to simplify tax filing processes, reduce compliance costs, and promote ease of doing business.
By using the portal, sales tax registered individuals can file a single return instead of separate returns for the FBR and each Provincial Sales Tax Authority. This will save time, reduce data entry errors, and streamline the filing process.
Additionally, the system allows for the apportionment of input tax adjustments and tax payments across various sales tax authorities, eliminating the need for reconciliations and payment transfers. It will also help harmonize tax procedures across federal and provincial authorities, promoting national unity.
