Regulatory Alerts2022-07-13
Added
FEPD Circular Letter No. 23: Reporting Tax and Vat Information on Online TM Form Monitoring System (OTFMS) and Online Inward Remittance Monitoring System (OIRMS)
Authorized dealers are required to report monthly tax and VAT information related to outward and inward remittances on the OTFMS and OIRMS platforms by the 25th of the following month, effective from August 2022. This reporting obligation is mandated in accordance with Section 56 of the Income Tax Ordinance 1984 and the Value Added Tax and Supplementary Duties Act 2012. Additionally, the submission of the Outward and Inward Remittance Statement of Account remains due by the 10th of each month as per existing guidelines.
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