KARACHI: Sindh Revenue Board (SRB) has made mandatory for banking companies to provide quarterly reconciled statement of taxable services provided during the period.
The SRB issued notification No. SRB-3-4/17/2020 effective from July 01, 2020 to make it mandatory for banking and non-banking financing companies to submit quarterly reconciliation of sales taxable services provided or rendered during the period.
The financial institutions are required to provide particulars of services or services related fee, commission, brokerage or charges.
These services are included:
- Branch baking customer free and commission
- Consumer finance related fee and commission
- Card related fee and commission (debit and credit cards)
- Credit related fee and commission
- Investment banking fee and commission
- Commission and fee on foreign trade
- Bill discounting commission and fee
- Commission and brokerage on foreign exchange dealing
- Commission and fee on guarantees, including bank guarantees
- Commission and fee on cash management
- Commission and fee on remittances, including home remittances
- Commission and fee on bancassurance
- Commission on commodity operations
- Commission on handing of federal government or provincial or local government businesses
- Fee or rent of safe deposit lockers and safe vaults
- Services in respect of Hajj and Umrah
- Services in respect of Musharika and Modarba
- Services in respect of utility bills collection
- Services provided as a banker to an issue
- Services provided as a consultant to an issue
- Financial leasing
- Commodity or equipment leasing
- Other leasing
- Services in respect of Ijarah
- Funds management services
- Asset management services
- Advisory services
- Consultancy services
- Other services
The reconciliation should include sales tax withheld by the banking/non-banking financial company as a withholding agent.
Sales tax of the banking/non-banking financial companies services withheld, if any, by others as withholding agents.