The Federal Board of Revenue (FBR) will announce major incentives and relaxations for the manufacturers, dealers, distributors, wholesalers, and retailers, who would integrate with the newly established Directorate General for Digital Invoicing and Analysis.
Highly-placed officials told ProPakistani that the system will link the sales data of manufacturers, dealers, distributors, wholesalers, and retailers with the FBR system.
The monthly sales tax information including payments of sales tax would be available to the FBR under the new system. The FBR is expected to waive the major condition of monthly filing of sales tax returns and audits for those manufacturers, dealers, distributors, and retailers, who would be linked with the system of the DG Digital Invoicing and Analysis.
In the presence of the availability of online data, the FBR will give concessions to the entire supply chain due to the submission of electronic information on a monthly basis. The FBR’s system would itself generate monthly sales tax returns of the said categories of the supply chain, which would be integrated with the Directorate General for Digital Invoicing and Analysis.
The exemption from the audit is also under consideration of the FBR for the manufacturers, dealers, distributors, wholesalers, and retailers, who would be linked with the FBR’s system of Digital Invoicing.
“FBR will be happy that the sales tax is coming from the entire chain of manufacturers, dealers, distributors, wholesalers, and retailers. And the business community would be happy that they would be exempted from audit and filing of monthly sales tax returns”, top officials added.
These are very big incentives for the manufacturers, dealers, distributors, wholesalers, and retailers, who would be integrated with the FBR’s new system to be launched. The point of sale system of the FBR would also come under the Directorate General for Digital Invoicing and Analysis. The data of these taxpayers are regularly entered into the FBR’s system and there would be no need for submission of monthly sales tax returns or audits.
Recently, the Federal Board of Revenue (FBR) transferred Asem Iftikhar, a BS-20 officer of the Inland Revenue Service (IRS) to the post of Director-General, Directorate General of Digital Invoicing and Analysis.
A new Directorate-General for Digital Invoicing and Analysis has been provided in the Finance Act 2021.
Under the new provision, the Directorate General of Digital Invoicing and Analysis shall consist of a Director-General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors, and such other officers as the Board may, by notification in the Official Gazette, appoint.
