- Rules have been notified for acquiring temporary sales tax registration in Pakistan during tax year 2024.
- The Federal Board of Revenue (FBR) has updated the Sales Tax Rules, 2006, outlining the procedures and requirements for obtaining temporary sales tax registration.
- Rule 5A defines the process for temporary registration, including application procedures and import permissions.
- Temporary registration is granted for a duration of sixty days, contingent upon the submission of a comprehensive list of machinery to be imported.
- The computerized system aims to issue temporary registration within seventy-two hours of filing a complete application.
- Once temporary registration is received, the registered entity is permitted to import plant, machinery, raw materials, and other relevant items as a manufacturer.
- If the requirements are not met within sixty days, the temporary registration will be disabled and any post-dated cheques submitted will be cashed.
- Entities holding temporary registration are required to file monthly returns but are not authorized to issue sales tax invoices during this period.
- No sales tax refund will be processed during the temporary registration period, but accumulated input tax may be carried forward to subsequent tax periods.
- Compliance is important to ensure a seamless and lawful transition during the temporary registration phase.
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.
