ISLAMABAD:
The Federal Board of Income (FBR) is more likely to introduce new rules for on-line marketplaces by proposing amendments to the Revenue Tax Guidelines, aimed toward bringing the digital financial system into tax web.
In a significant step in direction of bringing the nation’s digital financial system into the tax web, the FBR has launched a draft proposing amendments to the Revenue Tax Guidelines 2002.
In accordance with the FBR’s Statutory Regulatory Order (SRO), all on-line marketplaces will now be required to submit seller-wise transactional particulars for digitally ordered items and providers to the FBR in varieties A1 and A2.
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Names and addresses of registered sellers, bill numbers, bill worth, quantity of gross sales tax withheld, and quantities deposited in vendor’s financial institution accounts are additionally required underneath the prescribed varieties.
All cost intermediaries and courier service corporations related with on-line marketplaces can even be obligated to submit quarterly transactional studies and particulars of earnings tax deducted and tax deposited with the FBR.
The FBR has invited suggestions from stakeholders on the amended draft, permitting them seven days to submit their objections or feedback.
