ISLAMABAD: Federal Board of Revenue has been striving to avoid anomalies caused by existing ‘defective’ sales tax registration system, so the board is launching a new registration system by December 31 this year.
Sources said that under the sales tax law, all the stakeholders including manufacturers, retailers, importers, wholesalers, distributors and commercial exporters are liable to registration. The present registration system has faulty verification mechanism, they added.
The FBR administration has developed strategy for registration in sales tax, which consists of cleansing of existing database and a risk-based system for new registrations. All the legal formalities and technical as well as administrative procedures are being made in this regard. In the new system centralised single source of information would be managed through unified database and the physical location would be verified through GPS system and documents could also be stored after scanning into the database.
