The Federal Revenue Board (FBR) has signed a Memorandum of Understanding (MoU) for Single sales tax returns and a single web portal with the tax authorities of the four provinces.
The signing of the MoU is one of the most important components for the coordination of the ongoing sales tax initiative between the federation and the provinces.
The MoU was signed by FBR President Javed Ghani and the revenue officials of the four provinces on behalf of their respective departments.
The World Bank is pushing for further harmonization of the general sales tax on goods and services among Pakistan’s federal units, saying it will help generate 87% of potential revenue that does not accumulate individually.
The World Bank is also proposing to the provinces to agree on a single Sales Tax law, supply-side rules and tax rates.
Present at the signing ceremony were representatives of the Khyber Pakhtunkhwa Revenue Authority (KPRA) and the Balochistan Revenue Authority (BRA), while the Sindh Revenue Board (SRB) and the Punjab Revenue Authority (PRA ) Representatives attended virtually.
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