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

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.

Zayn

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