[Business Recorder 30 April, 2019]
ISLAMABAD: The federation and provinces are making progress towards a landmark measure to facilitate taxpayers for introducing a single and unified sales tax return for both goods and services.
On the conclusion of a meeting of National Assembly Standing Committee on Finance at the Federal Board of Revenue, a senior FBR Member informed media persons that meeting was held between FBR and provinces on the single return at the FBR Headquarters and next week an MoU may be signed, as a meeting with heads of revenue boards is expected. The commissioner-level officials attended the meeting on behalf of the provinces on Monday. The draft MoU for filing of single sales tax returns has been shared with the provinces, FBR member added.
It is learnt if all provinces are fully ready to enforce the single sales tax return, it may be launched in upcoming budget with effect from July 1, 2019.
Under the proposed single sales tax returns, the FBR and four provincial revenue authorities would strive for harmonisation of tax laws and tax rates, as currently different rates of sales tax on services are applied by the provinces.