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FBR Expands Single Sales Tax Return to Oil & Gas, and Microfinance Sectors

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The Federal Board of Revenue (FBR), in collaboration with provincial revenue authorities, has extended the Single Sales Tax Return (SSTR) system to oil and gas (exploration and production) companies and microfinance banks.

Taxpayers in these sectors are now required to file their sales tax returns for the November 2024 tax period, due in December 2024, through the Single Portal at www.iris.fbr.gov.pk. This extension follows the successful implementation of the SSTR system for the telecom sector earlier this year.

The SSTR initiative simplifies compliance by allowing taxpayers to file a single return, eliminating the need for separate submissions to federal and provincial tax authorities. According to the FBR, this streamlined approach reduces compliance costs, minimizes errors, and saves time, aligning with the government’s goal to promote ease of doing business.

Taxpayers and stakeholders are encouraged to utilize the unified portal for seamless tax return filing moving forward.

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Zayn

Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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