PRA extends scope of single sales tax return

LAHORE:The Punjab Revenue Authority (PRA) has extended the scope of its Single Sales Tax Return to two additional sectors.

As per PRA spokesperson, the facility has now been extended to the Oil & Gas sector and Microfinance Banking sector. Initially, in February this year, the system simplified sales tax return filing compliance by allowing taxpayers to file a single return on the portal instead of submitting five separate returns before different provincial revenue authorities and FBR. Implemented as a pilot project in the Telecommunication sector, the collaborative initiative has now been expanded.

According to PRA, the scope of SSTR will be extended to all other remaining sectors operating on trans-provincial basis in phases for the facilitation of these sectors and next in line are banking and insurance sectors. SSTR not only helps in facilitation of taxpayers but it is important for inculcating collaborative approach amongst all revenue authorities collecting sales tax, added the spokesperson. As per PRA spokesperson, the facility has now been extended to the Oil & Gas sector and Microfinance Banking sector. Initially, in February this year, the system simplified sales tax return filing compliance by allowing taxpayers to file a single return on the portal instead of submitting five separate returns before different provincial revenue authorities and FBR. Implemented as a pilot project in the Telecommunication sector, the collaborative initiative has now been expanded.

According to PRA, the scope of SSTR will be extended to all other remaining sectors operating on trans-provincial basis in phases for the facilitation of these sectors and next in line are banking and insurance sectors. SSTR not only helps in facilitation of taxpayers but it is important for inculcating collaborative approach amongst all revenue authorities collecting sales tax, added the spokesperson.