The Federal Board of Revenue (FBR) has announced a new regulation requiring all Fast Moving Consumer Goods (FMCG) sector’s supply chain stakeholders to issue sales tax invoices electronically.
The directive, set to take effect on February 1, 2024, applies to importers, manufacturers, wholesalers, dealers, distributors, and wholesaler-cum-retailers involved in the FMCG sector.
According to FBR’s notification 1525(I)/2023, this measure falls under rule 150Q of Chapter XIV of the Sales Tax Rules 2006.
The initiative aims to digitalize the invoicing process, enhancing transparency and efficiency within the FMCG supply chain.
The FBR has also issued a technical document to guide Supply Chain Operators (SCOs) on the digital invoice data-sharing process.
This document outlines the requirements for adapting IT systems to generate and share sale and purchase invoices through a designated API, ensuring data capture for sales, purchase invoices, debit notes, and credit notes.
Registration for this system will be conducted via the eFBR portal, where SCOs are required to submit the necessary data.
Upon successful data submission, the FBR will issue a POS registration number, which will be essential for compiling invoices in the prescribed format.
The regulation stipulates that all registered entities must electronically transmit sales tax invoices.
However, the FBR has provisioned for applications for extensions in compliance time to be submitted to the Commissioner Inland Revenue, should there be a plausible cause.
This move is part of FBR’s broader efforts to digitize tax
collection processes, aiming to ensure a more streamlined, efficient, and transparent system that caters to the dynamic demands of the FMCG sector, excluding durable goods from its ambit.
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