Islamabad: The Federal Board of Revenue (FBR) recently released a set of amended sales tax regulations that will have a significant influence on retailers around the nation.
The official announcement states that merchants must now apply for a license to pay sales tax. Notably, in order to obtain the license, compliance with this condition entails providing the FBR with the information they seek. The prior emphasis on tier-one retailers alone has been replaced with a broader focus on all registered individuals under these new regulations.
The FBR is creating a committee specifically to oversee and expedite this licensing procedure. This committee will have the authority to evaluate the information supplied and decide whether to grant or deny licenses. This action aims to guarantee a more coordinated and effective execution of the updated sales tax laws.
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