The Punjab Revenue Authority (PRA) has expanded its Single Sales Tax Return (SSTR) system to two additional sectors: the oil and gas sector and the microfinance banking sector. This move aims to streamline tax compliance and facilitate ease of doing business in Punjab.
The SSTR system, launched earlier this year, simplifies the filing process by allowing taxpayers to submit a unified return instead of navigating multiple submissions to various provincial revenue authorities and the Federal Board of Revenue (FBR). Initially, the system targeted the telecommunications sector as a pilot project in February and has now been extended to these two key sectors.
The extension of the SSTR system to the oil and gas and microfinance banking sectors will reduce administrative burdens and foster compliance. These sectors, which operate on a trans-provincial basis, will benefit from a unified tax return process. The PRA plans to gradually expand the scope of the SSTR system to other trans-provincial sectors, including banking and insurance, in upcoming phases.
