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FBR Unveils E-Tax Guidelines for FMCG Importers and Manufacturers

“Explore the latest news from the Federal Board of Revenue (FBR) as they introduce electronic sales tax integration for businesses dealing in fast-moving consumer goods. Understand the simplified regulations for invoicing and electronic record-keeping outlined in SRO.1525(I)/2023.”

FBR Unveils E-Tax Guidelines for FMCG Importers and Manufacturers

The Federal Board of Revenue (FBR) has given a new instruction to certain businesses in a simple way. These businesses include those who import things, make products, and sell fast-moving consumer goods like food and other daily items. The FBR wants these businesses to use an electronic system for sales tax, called e-ST.

To make this official, the FBR issued a document on Tuesday, known as SRO.1525(I)/2023. In this document, they mentioned specific groups of people who need to follow these new rules. It includes:

  1. People who import and make fast-moving consumer goods.
  2. People who sell these goods in large quantities, like wholesalers, dealers, and distributors.
  3. Businesses that both sell in large amounts and directly to customers, known as wholesaler-cum-retailers.

The FBR clarified that “fast-moving consumer goods” means things people buy regularly and use quickly, like groceries, but not things that last a long time.

The FBR also explained a new way of creating invoices (documents for sales) through electronic means for these businesses. This will start on a specific date decided by the FBR. The businesses need to follow certain rules for creating these electronic invoices, and they have to keep records of their sales for six years using electronic storage.

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The businesses also need to follow the FBR’s guidelines for using the electronic system, including providing the necessary tools like hardware and software. They must allow access to their electronic records when needed by the Inland Revenue officer, both online and offline.

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