ISLAMABAD: The Federal Board of Revenue (FBR) would introduce a modified automated e-filing and procedure system for filing of Sales Tax and Federal Excise (ST&FE) returns to facilitate taxpayers.
In order to facilitate the taxpayers and resolve issues arising out of post return cross matching of declarations the FBR intends to launch a modified automated system for filing of ST&FE returns said notification of the board.
The system requires early submission of sales invoice data enabling the buyers to claim input against the same it said adding it would eliminate the post return input discrepancies which presently cause a great hassle for the department and taxpayers.
The system will also reduce substantially department s contact with the registered persons and would also lead to the returns being considered a complete refund claim and thus also expedite refund payment process.
The FBR has requested all registered persons representatives of Chamber of Commerce and Industry Traders Business Associations Tax Bar Associations etc to give their feedback on the proposed system at crestfbrhq gmail.com.
The details about the system have been placed on the FBR website for feedback from the stakeholders.
Courtesy : TheNews