ISLAMABAD: Federal Board of Revenue (FBR) announced new rules for online businesses and shared draft amendment to Income Tax Rules 2002 aimed at bringing country’s digital economy under the tax net.
Under new rules, all entities conducting online business will be required to submit monthly financial reports. Businesses will provide details through Form A1 and Form A2, including National Tax Number (NTN), monthly bank account statements, and information about sellers such as name, address, and invoice number.
All courier service companies across Pakistan will have to submit quarterly financial reports to the FBR using Form One. Companies providing online financial services will also be required to submit tax details in a separate form. Online business entities must submit an affidavit along with their tax information.
The apex tax collection agency also invited stakeholders to provide feedback on the amended draft within seven days.
