ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks.
According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through the SSTR starting with the tax period of November 2024, due in December 2024.
Streamlining Tax Compliance
The SSTR, accessible via the Single Portal at www.iris.fbr.gov.pk, was initially launched for the telecom sector in February 2024 for the January tax period. This system allows registered taxpayers to file a single consolidated return, eliminating the need for multiple submissions to the FBR and various Provincial Revenue Authorities.
Enhancing Efficiency
Developed in collaboration with provincial tax authorities, the SSTR aims to promote ease of doing business, reduce compliance costs, and streamline the tax filing process. It minimizes data entry, reduces errors in calculations, and automates the apportionment of input tax adjustments and payments across relevant authorities.
National Tax Harmonization
The FBR emphasized that the SSTR system fosters harmonization of tax procedures across federal and provincial tax bodies, enhancing efficiency and promoting national unity. This initiative is part of the government’s broader agenda to facilitate taxpayers and modernize the tax system.
Taxpayers in the oil and gas and microfinance sectors are advised to prepare for the transition to the SSTR system, which is expected to save time, reduce administrative burdens, and simplify compliance.
Story by Sohail Sarfraz
