Karachi:
The Federal Board of Revenue (FBR) has issued new rules and regulations for online companies and released a draft change of income tax rules, 2002, aiming to bring the digital economy into tax network.
FBR’s statutory regulatory order (SRO) says that any device dealing with online business must submit monthly financial reports.
Such units will submit financial details through form A1 and form A2 on a monthly basis.
According to SRO, details of online companies will include their national tax number (NTN) and monthly bank account statements. Online companies will also be required to give the seller’s name, address and invoice number.
In addition, all courier services across the country must submit their financial details to FBR every quarter by means of form a issued by the board.
SRO also says that companies that provide online financial services must submit details of taxes on their services through a separate form.
Devices performing online business must also submit a statement with their tax information. FBR has called on stakeholders to submit their feedback on the changed draft online businesses within seven days.
