Karachi:
The Federal Board of Revenue (FBR) has published new rules and regulations for online companies and published a project to modify income tax rules, 2002 aimed at introducing the digital economy in the tax net.
The FBR statutory regulatory order (SRO) stipulates that each entity engaged in online activities must submit monthly financial reports.
These entities will submit financial details via form A1 and form A2 on a monthly basis.
According to the SRO, the details of online companies will include their national tax number (NTN) and the monthly bank account statements. Online companies must also provide the seller’s name, address and invoice number.
In addition, all messaging service companies across the country will have to submit their financial details to the FBR each quarter, using the form issued by the Board of Directors.
SRO also declares that companies provide online financial services will have to submit details on taxes on their services through a separate form.
Entities carrying out online activities must also subject an affidavit with their tax coordinates. The FBR invited stakeholders to submit their comments on the modified project for online companies within seven days.
