The Federal Board of Revenue (FBR) has issued draft of the 'new' sales tax-cum-federal excise 'return' form, to be notified in the 2008-09 budget after incorporating necessary suggestions of the business community. Sources told Business Recorder on Tuesday that the proposed 'return' form has been dispatched to the stakeholders for comments.
Viable amendments would be incorporated in the coming budget. The format of sales tax-cum-federal excise return has been amended due to several reasons. First, corporate taxpayers are already filing returns electronically. Now, starting from tax period July 2008, all registered persons will file the return electronically. The return form has been made compatible for e-filing by all registered units.
Presently, the summary of invoices and production data statements for manufacturers is being received separately. It has been proposed to make invoice summary/production data as part of the annexures of the return to ensure better compliance and automating filing of various columns of the return.
As a result of these measures, the return has also been simplified and restricted to a single page, instead of currently two. In cases where the input tax exceeds the output tax due from the registered person regarding a tax period due to exports or other zero-rated supplies, the excess amount of input is refunded to the taxpayer within 45 days. In all other cases of excess input tax, the FBR can specify the procedure for refund.
The FBR has requested the taxpayers to immediately submit their comments on the proposed form so that the new return can be made part of the budgetary measures to be announced for fiscal year 2008-09.
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