B2B and B2C requirements being phased in
The Pakistan Federal Board of Revenue is introducing a mix of centralised e-invoicing and fiscal systems or registers for B2B and B2C invoicing, respectively. Last week, the 2024 Finance Bill introduced to the National Assembly confirmed the introduction of mandatory e-invoicing. This will require electronic accounting and billing systems to be integrated with lincesed integrators by the Federal Board of Revenue.
On 10 January 2024, the Board issued a notice for the Fast Moving Consumer Group companies to adopt JSON-based electronic reporting from 1 February 2024. This includes importers, wholesalers and retailers.
B2C fiscal registers
Taxpayers, known as ‘integrated suppliers’ must shortly instal VAT fiscal registers for B2C invoicing. This includes: Manufacturers, importers, wholesalers and distributors of fast-moving consumer goods. FBR will notify affected suppliers.
Fiscal registers will be provided by certified distributors. These registers will provide automated daily direct reporting to the FBR. But the integrated supplier shall allow physical and online remote access to the records, systems, logs and documents maintained in electronic form.
B2B e-invoicing
The FBR is also planning to introduce a centralised B2B e-invoicing platform. The will require a JSON file submission, with the return of a unique code to be embedded with the e-invoice before submission to the customer.
