Launching the Single Sales Tax Return for E&P (Oil & Gas) Companies and Microfinance Banks

Tax compliance has just become easy to fulfil! Expanding its earlier initiative, the FBR, in coordination with all the Provincial Revenue Authorities, is gradually enhancing the Single Sales Tax Return SSTR, a step further in the ease of doing business.

What is the Single Sales Tax Return?

This year in 2024, FBR unveiled the Single Sales Tax Portal that aimed at relenting to the Government’s vision of easing tax regimes. The self-develop portal involved consultation of Provincial Sale Tax Authorities and enables the taxpayers to file the sales tax returns at one point.

This process reduces the need to file those returns with the FBR and a number of provincial authorities. It cuts down compliance expense, eliminates errors, and delivers a positive user experience. It also clears procedural functions such as tax apportionment and payment reconciliation to create standard tax processes across the federal and provinces.

Launched for the telecommunications sector first, this process was proved to make many calls faster and less energy-consuming.

What’s New?

In this regard, FBR and the Provincial Revenue Authorities joined hands. —BRA, KPRA, SRB, and PRA—have extended the SSTR to two additional sectors:

Exploration and Production (E&P) Companies – Oil and Gas Companies
Microfinance Banks

Taxpayers in these sectors are now required to use the Single Sales Tax Portal for filing their returns starting with the November 2024 tax period, which is due in December 2024.

The Single Sales Tax Portal has become mandatory for the taxpayers in these sectors to file returns from the tax period starting November 2024, the return of which is due in December, 2024.

Benefits of the SSTR

Convenience: Through this service, let them make one return as opposed to submitting multiple returns with different authorities.
Efficiency: Computer generated computations also eliminate omissions and mistakes when entering data for tax calculations.
Time-Saving: Saves time, time to collect information which is repetitive, and time to reconcile data.
Uniformity: Advances coordination of federal and provincial taxation processes, promoting national cohesion.

Explore: How to File FBR Decides on Complete Ban on Bringing Commercial Quantities of Goods from Abroad Your Return?

To file your returns visit at www.iris.fbr.gov.pk

And by adding more sectors to Single Sales Tax Return system, FBR is indeed setting the path for easy-going, hassle-free working environment for taxpayers. This endeavor is a marked improvement towards improving the business environment in Pakistan alongside promoting improved levels of tax compliance and cooperation between taxpayers and the relevant government offices.

Please stay tuned and continue to watch this space as FBR develops new possibilities for your access!

Reference : https://fbr.gov.pk/launching-of-single-sales-tax-return-for-ep-oil–gas-companies-and-microfinance-banks/174178