Explaining the significant procedural amendments through the Finance Bill 2024, Arshad Shehzad, a leading sales tax expert, stated that the government has proposed the issuance of electronic invoices by sales tax-registered persons through an amendment in section 23 of the Sales Tax Act 1990.
Currently, the issuance of electronic invoices is limited to certain sectors integrated with Point of Sales systems. The government now appears to be expanding this provision to include other sales tax-registered persons.
The details, modalities, and procedures for this new provision are expected to be announced soon by the FBR through a separate notification.
This move towards digitalization aims to improve compliance and control, representing a step towards the government’s goal of enhancing digital processes in revenue collection, concluded Shehzad.
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