ISLAMABAD Federal Board of Revenue (FBR) has extended the deadline till September 30 for the integration of leather and textile sectors with FBR online system in order to avoid 3pc extra sales tax, it is learnt here.
According to official sources, a special meeting was held under Member Inland Revenue Policy Dr. Muhammad Iqbal, in which Member Information Technology Khawaja Adnan Zaheer also participated along with other concerned officials.
The meeting discussed thoroughly the local supply of leather and textile sectors and its retail chain stores across the country and also discussed the requests received from traders and business community to extend the date of integration with the online system.
Sources added that it was decided in the meeting to extend the deadline till September 30, 2018.
It is important to mention here that FBR links 6pc sales tax to integration with online system and clarified that those leather and textile sectors will face 3pc extra sales tax which are not connected with FBR’s Information and Technology System and will have to pay 9pc of sales tax on local supply of its products.
It is clarified that such leather and textile sectors which are connected to FBR’s Information and Technology system will have to pay only 6pc of sales tax on local supply/sales of its product; however, if leather and textile sectors are not connected to FBR’s IT system they have to pay 9pc of sales tax on local supply of its products.
Those units of leather and textile sectors which want to take advantage of such concession of 3pc on sales tax of local supply of products they must have to connect its units with FBR’s IT system.
Earlier, the board has notified date of registration till 15 of August 2018 to connect with IT system. The basic aim of this linkage of IT system is to monitor the local supply of leather and textile sectors.
