Islamabad: The Federal Board of Revenue (FBR) is expected to launch Pakistan’s first centralized single Sales tax portal, a news shared on Wednesday (November 03) reported in leading daily reads. The portal would allow the taxpayers to file sales tax returns once, instead of filing the same for six different departments.
It is expected that Prime Minister (PM) Imran Khan will launch the portal later in November. As per the details shared, the portal will facilitate various sectors of the economy and will enhance the ease of doing business in the country. The National Tax Council (NTC) has already allowed the formation of such a portal after thorough consultation with all the federal territories, provinces and shareholders. The portal is being developed in line with the World Bank (WB) push for harmonisation of the General Sales Tax (GST) collection and distribution between federal and provincial units.
This portal would also mean an increase in tax collection by bringing up to 87% of the currently untaxed sector into the tax net. Moreover, the single tax portal will help government have a clear view of taxpayers’ business transactions across the country, which will increase revenue potential and tax compliance.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
