PRA expands scope of single sales tax return

LAHORE:The Punjab Revenue Authority (PRA) has taken a significant step towards expanding the scope of the single sales tax return.

An orientation workshop was organised for representatives from the insurance and banking sector where representatives from Federal Board of Revenue (FBR) and other industries discussed the extension of this facility to additional sectors.

During the session, PRA announced that the single sales tax return, initially introduced in February of the last fiscal year and limited to the telecommunications sector, has now been extended to the oil and gas sector and microfinance banks and now it is planned to be extended to banking sector and insurance sector. This system allows taxpayers operating on trans-provincial level to file their returns through a single portal eliminating the need to file return before multiple jurisdictions.

The PRA, in coordination with the FBR and all provincial revenue authorities, has agreed to further expand the system to other relevant sectors, with efforts under way to make this facility widely accessible. The workshop was also attended by prominent FBR and PRAL officers.

Over 100 participants from banking and insurance sectors and other provincial revenue authorities joined the session virtually. The presentation was made by Faisal Sulaiman followed by a detailed question answer session. Through the orientation session PRA reaffirmed the commitment to taxpayers’ facilitation and coordination with other revenue authorities.