After big retailers (Tier-I retailers) in Pakistan have success with the electronic sales tax integration system, the Federal Board of Revenue (FBR) would incorporate additional industries/sector inside it.
The new process will take effect on the date and in the way that the Board specifies through notice published in the official Gazette for the electronic delivery of sales tax invoices by registered individuals.
In accordance with a notice published on Friday, the integrated supplier is required to provide each taxable supply and service that he performs with a real-time, verifiable electronic sales tax invoice that includes the data required by section 23 of the Act. According to FBR, the registered individual must also keep the record and supporting documentation on electronic media for a period of six years.
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According to the FBR, the integrated supplier must abide by all guidelines established by the Board for the recording, storing, issuing, and real-time transmission of verifiable electronic invoices. These guidelines include providing any hardware, software, or connectivity needed for the integration and operation of the electronic invoicing system.
When requested by an Inland Revenue official, the integrated supplier must grant physical and remote access to records, systems, logs, and electronic documents.
If the integrated provider who is notified under this chapter violates any of its provisions, he may face penalties as stipulated by the applicable Act provisions. Notified under this law, the integrated supplier may apply to the Commissioner Inland Revenue having jurisdiction, for extension in time for compliance.
The Commissioner of Inland Revenue may provide extensions of time for integration or compliance under this chapter, for a maximum of sixty days cumulatively with fifteen-day intervals, starting from the date of notification issuance. With the caveat that such an integrated supplier must keep sending paper invoices for whatever long the Commissioner of Inland Revenue permits.
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