Pakistan has offered delays on Sales Tax and Federal Excise returns. This will cover the July 2021 taxable transactions. The new dates according to an ordnance issued on 13 August 2021 by the Federal Board of Revenue, Inland Revenue, are as follows:
- Filing of Sales Tax and Federal Excise return is now 24 August instead of 18 August 2021; and
- Payment of any taxes for the above is moved from 15 to 23 August 2021.
The standard Sales Tax rate is 17%, with many services being at 16% based on states’ freedoms to levy taxes. Tax returns are due monthly, with electronic submissions of returns due by the 18th of the month following the reporting period. Payments must be made by the 15th of the month.
Annual Sales Tax returns are also due by the end September of the following year. This includes the year’s total taxable sales and purchases, plus any amendments since the filings of the component monthly returns.
Keeping up-to-date on changing Pakistani or other countries’ VAT filings rules is a challenge. VAT Calc’s single platform VAT Filer can accurately complete any country filings with verified transactional data from our VAT Calculator or VAT Auditorintegrated tools.
