- FBR has amended requirements for submitting balance sheets with monthly sales tax returns
- New notification SRO 644(I)/2024 issued on May 7, 2024
- Previously, all registered taxpayers had to include complete balance sheet with sales tax returns
- Change made to reduce administrative and financial burden on businesses, especially SMEs
- Taxpayers can now submit summary statement of capital and liabilities instead of full balance sheet
- Aim is to reduce compliance burden while maintaining tax system integrity
- Notification clarifies language used in rule for better guidance to taxpayers
- Economists and tax experts welcome the amendment for balancing detailed financial information with administrative capabilities of smaller businesses
- Business owners react positively to the change, finding it easier to manage monthly filings
- New rule effective immediately to prevent further delays in tax filings and assist businesses in adjusting with minimal disruption.
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.
