- The Federal Board of Revenue (FBR) has introduced electronic sales tax invoice rules.
- The rules require registered businesses to use an electronic invoicing system.
- Eligible businesses must install the system provided by a licensed person.
- Sales or supplies must be recorded in the electronic invoicing system.
- The rules specify eligibility criteria, issuance of electronic invoices, integration and compliance requirements, and audit access.
- Non-compliance may result in penalties, but extensions of time for compliance can be requested.
- The introduction of electronic sales tax invoicing aims to enhance transparency and streamline the tax documentation process.
- Businesses are expected to adapt quickly to the new requirements.
Source: pkrevenue.com
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.
