ISLAMABAD: The Federal Board of Revenue (FBR) has provided a final opportunity for businesses to avoid penalties by correcting errors in submitted tax returns, allowing amendments within 72 hours through its integrated system.
According to details, the FBR has issued a circular outlining the procedure for registered businesses to rectify mistakes in invoices.
The authority stated that businesses may use one or more integrated systems, and in case of an error, invoices can be cancelled, deleted or updated within three days.
The document specifies that changes can only be made within 72 hours through the FBR’s integrated system. After this period, approval from the commissioner will be mandatory.
It further noted that additional conditions may apply for cancelling, deleting or updating invoices, with the aim of ensuring real-time, transparent sales tax reporting and facilitating ease of doing business.
Earlier, the Federal Board of Revenue (FBR) Collectorate of Customs Appraisement & Enforcement, Quetta, has successfully surpassed its revenue collection targets for the third quarter.
According to the FBR, against a target of Rs 7.36 billion, the collectorate collected a staggering Rs 9.4 billion.
Despite operational challenges stemming from the conflict in the Middle East, Pakistan Customs performed exceptionally well by maintaining a continuous flow of trade.
