FBR, provinces extend Single Sales Tax Return to oil, gas firms, microfinance banks

The Federal Board of Revenue (FBR) and Provincial Revenue Authorities have jointly decided to expand the scope of the Single Sales Tax Return (SSTR) to include oil and gas exploration companies and microfinance banks. 

Taxpayers in these sectors are required to file their sales tax returns for November 2024, due in December 2024, through the Single Sales Tax Portal.

The initiative, first introduced in February 2024 for the telecom sector, aims to simplify tax compliance and promote ease of doing business.

Under the system, registered taxpayers can file a single sales tax return instead of submitting separate returns to federal and provincial authorities. The unified return process reduces compliance costs, minimizes data entry, and eliminates calculation errors. 

It also allows for the apportioning of input tax adjustments and payments across tax authorities, removing the need for reconciliations and payment transfers.

The FBR announced that the Single Sales Tax Return is now accessible via the portal. 

The FBR highlighted that the system fosters harmonization of tax procedures across federal and provincial authorities, contributing to improved national tax coordination. Stakeholders are encouraged to adopt the SSTR for seamless and efficient tax management.