Karachi, December 24, 2024 – The Sindh Revenue Board (SRB) has issued a directive advising Exploration and Production (E&P) companies in the oil and gas sector and Microfinance Banks (MFBs) to file their monthly returns using the Single Sales Tax Return (SSTR) system for the tax period of November 2024.
In an official statement, the SRB announced the inclusion of these two critical sectors into the SSTR framework, which is hosted on the integrated national portal. This move reflects a coordinated effort among the Federal Board of Revenue (FBR) and provincial tax authorities, including the Sindh Revenue Board (SRB), Punjab Revenue Authority (PRA), Balochistan Revenue Authority (BRA), and Khyber Pakhtunkhwa Revenue Authority (KPRA), to simplify tax compliance across multiple jurisdictions.
The SRB emphasized that the SSTR system offers a unified platform for taxpayers to file sales tax returns, eliminating the need to file multiple returns with different authorities. By extending the SSTR to E&P companies and MFBs, the SRB aims to streamline tax filing processes, reduce redundancy, and enhance compliance.
Taxpayers in the listed categories are now required to file their monthly returns for November 2024 and subsequent tax periods via the SSTR portal. The E&P companies included in the scope are prominent organizations like OGDCL, Mari Petroleum, Pakistan Petroleum Limited, and MOL Pakistan. Similarly, Microfinance Banks required to comply include Khushhali Bank, Telenor Microfinance Bank, The First Microfinance Bank, and others.
The SRB has urged taxpayers in these sectors to ensure timely compliance with the SSTR requirement. This integration underscores the SRB’s commitment to modernizing tax administration and facilitating businesses.
By adopting the SSTR system, the SRB envisions a more efficient and transparent tax collection mechanism. This initiative, part of a broader effort to harmonize federal and provincial tax systems, is expected to benefit taxpayers operating across multiple provinces by reducing administrative burdens and improving accuracy in tax reporting.
The SRB has advised all affected taxpayers to review the updated filing procedures on the SSTR portal and seek assistance from the SRB helpline if needed. This marks a significant step in advancing Pakistan’s tax infrastructure while fostering a business-friendly environment.