On November 10, 2023, Pakistan’s Federal Board of Revenue (FBR) announced significant changes in the electronic invoicing system, initially impacting specific consumer goods. Manufacturers, importers, wholesalers, and distributors of immediate consumer goods are now mandated to issue electronic sales tax invoices via the FBR-approved system.
Highlights of this release include the allowance for “integrated suppliers” to begin declaring invoices on the central platform. Additionally, registered buyers who receive electronic notifications are required to integrate into the new Federal Board of Revenue (FBR) system.
The system works by the FBR implementing a real-time verifiable electronic invoice system. Invoices are required to be sent in a structured JSON format, each assigned a unique identifier. Moreover, the document storage period has been extended to 6 years.
Source
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
Latest Posts in "Pakistan"
- Customs Values of Imported Latex Rubber Threads Revised to Reflect International Price Trends
- Pakistan Introduces Withholding Tax on Digital Goods, Suspends Digital Presence Proceeds Tax
- FBR Mandates POS Integration for Retailers Exceeding Withholding Tax Thresholds
- Pakistan Customs Seizes Smuggled Cigarettes, Raw Materials Worth Over Rs. 1.1 Billion in Major Raids
- Punjab Tribunal: Sale of Developed Plots Not Taxable Under Provincial Sales Tax Law
