LAHORE: The Federal Board of Revenue (FBR) and the Punjab Revenue Authority (PRA) would soon be introducing single sales tax return for taxpayers.
Spokesperson of Punjab Revenue Authority Umer Farooq was addressing an awareness seminar at the Lahore Chamber of Commerce & Industry (LCCI) organised by chairman of its standing committee on business and tax reforms, Kashif Anwar. The objective of the seminar was to raise awareness regarding Punjab Finance Bill 2023 and amendments made to it. A good number of businessmen and tax practitioners were present on the occasion.
The spokesman PRA said the Authority has resolved many outstanding issues of the business community and no new tax has been imposed in the present Finance Bill. Meanwhile, the concessions would continue during the ongoing fiscal year as well. The condition of carrying eight years old record has been reduced to the period of five years under the bill, he added.