ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new provision of issuance of electronic sales tax invoices by registered persons under the Finance Bill 2024.
Explaining the significant procedural amendments through Finance Bill 2024, Arshad Shehzad, a leading sales tax expert, informed that the government, in this Finance Bill, has proposed the issuance of electronic invoices by the sales tax registered person, by introducing an amendment in section 23 of the Sales Tax Act 1990.
At present, the provision for the issuance of electronic invoices is limited to certain sectors integrated with Point of Sales. The government apparently is now moving towards expanding this provision to other sales tax registered persons.
The details, modalities, and procedures are expected to be notified by the board through a separate notification in the coming days by the Federal Board of Revenue.
The government seems to moving towards digitalization for better compliance and controls, and therefore, slowly but surely are taking measures. This amendment seems to be a step towards the government’s goal of introducing digitalization in revenue collection. Shehzad concluded.
Copyright Business Recorder, 2024
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