Karachi:
The Federal Income Board (FBR) has issued new rules and regulations for online companies and has published a draft amendment to the Income Tax rules, 2002 destined to bring the digital economy to the fiscal network.
The Statutory Regulatory Order (SRO) of the FBR establishes that each entity dedicated to online business must submit monthly financial reports.
These entities will send financial details through form A1 and form A2 monthly.
According to the SRO, the details of the online companies will include their national taxes (NTN) and the monthly account statements of the bank account. Online companies will also be required to provide the name, address and number of invoices of the seller.
In addition, all courier service companies throughout the country must send their financial details to the FBR each quarter, using form one issued by the Board.
The SRO also establishes that companies that provide online financial services must submit taxes on their services through a separate form.
Entities that carry out online businesses must also submit a affidavit along with their tax data. The FBR has invited interested parties to present their comments on the modified draft for online companies within seven days.
