- The Federal Board of Revenue has made amendments to the Sales Tax Rules, 2006.
- The amendments pertain to the electronic transmission of sales tax invoices by registered persons.
- The provisions of the amended rules apply to the issuance and recording of electronic invoices.
- Integrated suppliers must install an electronic invoicing system provided by a licensed person.
- Sales or supplies by integrated suppliers must be recorded in the electronic invoicing system.
- Integrated suppliers must issue real-time verifiable electronic sales tax invoices for taxable supplies and services.
- The integrated supplier must retain records and documents for six years on electronic media.
- Integrated suppliers must comply with all requirements specified by the Board for integration, recording, storage, issuance, and transmission of electronic invoices.
- The integrated supplier must allow physical and online remote access to records and documents for audit purposes.
- The Collector of Sales Tax has been replaced with the Commissioner Inland Revenue in rule 150X.
- Failure to meet the conditions for the electronic invoicing system may result in penal action.
- Integrated suppliers may apply for an extension in time for compliance, which can be granted by the Commissioner Inland Revenue for up to sixty days in aggregate with fifteen-day intervals.
- Integrated suppliers must continue to issue paper invoices until the extended time period allowed by the Commissioner Inland Revenue.
Source: download1.fbr.gov.pk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.