- The NBR will introduce a business-friendly tax structure in the upcoming budget, aiming to balance revenue needs with a supportive investment climate.
- Extensive changes to the VAT Act will streamline compliance, with 100% mandatory online VAT return submission for all registered businesses starting next fiscal year.
- All VAT processes will be digitized, eliminating the need for physical visits to VAT offices, and a dedicated software solution will be developed for SMEs to simplify VAT return filing.
- The NBR is considering differential VAT rates for the service sector to ensure fair contributions across industries.
- An automated tax refund system will be implemented, crediting excess payments directly to taxpayers’ bank accounts to increase transparency and reduce delays.
Source: bssnews.net
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.
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