Islamabad: Finance Minister Shaukat Tarin on Friday is expected to officially launch the National Sales Tax Return (NSTR) created by the Federal Board of Revenue (FBR), according to news sources.
The NSTR is aimed to further the government’s ongoing efforts involving digitization to facilitate taxpayers, promote ease of doing business and make the processes cost-efficient. As per the statement released by the FBR, this development follows the key recommendations of international financial institutions like the World Bank and the International Monetary Fund.
It was also highlighted that the NSTR is developed by incorporating the feedback of provincial governments, revenue authorities, and other stakeholders. The digital tax facility of the National Sales Tax Return will simplify the tax filing process and save compliance costs. The system will minimize the data entry which is the most frequent cause of errors. It will also help the revenue authorities to make better-informed decisions regarding the issues of taxpayers and improve the overall revenue collection and tax compliance.
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