ISLAMABAD: The Federal Board of Revenue (FBR), Tuesday, modified a controversial requirement for filing balance sheet introduced vide SRO 350 (I) 2024 for all sales tax registered persons.

Sales taxpayers can now submit a sum of capital and liabilities instead of a balance sheet in the monthly sales tax returns.

In this regard, the FBR has issued a notification SRO 644 (I)/2024 here on Tuesday to amend the Sales Tax Rules, 2006.

Those already registered with sales tax department: Balance sheet filing requirement relaxed

According to the details, the FBR has recently introduced the filing of balance sheet for all the fresh sales tax registrations, as well as, already registered persons. This condition has caused hue and cry among the business community, particularly to small-scale businesses. The sales tax returns for March 2024 were delayed across the board due to the introduction of different conditions including the filing of a balance sheet through SRO 350

Now FBR has modified the requirement of filing the complete balance with the reporting of declaring a sum of capital and liabilities. This relaxation is brought through a new notification i.e. SRO 644 (I)/ 2024.

The notification issued on Tuesday has replaced the words “declared business capital” with the words “sum of the capital and liabilities declared in the balance sheet”, it added.

Copyright Business Recorder, 2024