| Islamabad: The Federal Board of Revenue (FBR) has postponed the requirement for exporters to submit an affidavit with their sales tax returns for one month, according to a news source on October 18.
Read: Wealthiest 5% avoid taxes, amnesty schemes undermine system: Chairman FBR
In line with the details, this decision addresses concerns raised by various exporter associations, including the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Exporters will not need to submit affidavits when filing sales tax returns for September, due this month. The FBR will accept alternative proposals from stakeholders until October 31 to address the issue of falsified sales tax returns. The FBR has also indicated the possibility of modifying affidavit requirements if valid concerns are identified.
Read: KCCI seeks FBR relief on Sales Tax Affidavits, cites audit complications
While the FBR clarified that the affidavit introduces no new legal obligations, it reiterated that falsifying tax returns or using fake invoices is a serious offence under the Sales Tax Act of 1990, carrying both financial and criminal penalties. |
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