Finance Act, 2024: FBR official explains changes made to Sales Tax

LAHORE: Raza Ashfaq, Commissioner, Inland Revenue and Member Sales Tax Appellate Tribunal Punjab, has explained changes made to the Sales Tax under the Finance Act, 2024, saying that the Federal Board of Revenue (FBR) has harmonized Sales Tax Act with Income Tax law.

He was addressing a workshop organised by the All Pakistan Textile Mills Association (APTMA) for its member mills relating to Sales Tax budgetary measures especially those affecting textile industry.

Chairman APTMA North Kamran Arshad and Secretary General Mohammad Raza Baqir welcomed the visiting Commissioner IR at the APTMA Lahore office. A good number of representatives from the APTMA member mills attended the workshop.

Commissioner IR said the Finance Act 2024 has amended seven definitions in the Sales Tax Act out of which three are crucial with respect to the textile industry. He spoke at length about the changes made to various sections and rules of the Act. He said the onus of proof has been shifted to the taxpayer under the clause dealing with tax fraud.

Earlier, Chairman APTMA North Kamran Arshad said drastic changes have been made in the tax statutes through the Finance Act, 2024. Therefore, the APTMA has decided to hold tax wise workshops to apprise and educate member mills about the said amendments to avoid any future litigation from FBR field formations.

He said an interaction with Raza Ashfaq, Commissioner, Inland Revenue is the first of such workshops relating to Sales Tax budgetary measures, especially those affecting textile industry.

Representatives of member mills, dealing with tax matters, attended the workshop to discuss their concerns and get clarifications thereon from the senior FBR officer. They also raised queries about the amendments to the law, which were duly addressed by the visiting Commissioner IR.

Copyright Business Recorder, 2024