Karachi: The Federal Board of Revenue (FBR) has issued new rules and regulations for online business and has also issued a draft of amendments to the Income Tax Rules to bring the digital economy under the tax net.

According to the FBR, a draft of amendments to the Income Tax Rules 2002 has been issued to bring the country’s digital economy under the tax net.

The FBR’s SRO states that every entity doing online business will have to submit a monthly financial report. Online business entities will submit monthly financial details on Form A1 and Form A2.

According to the SRO, the details of online business will consist of NTN and monthly bank account statements. Online businesses will also have to provide the name, address and invoice number of the seller.

In this regard, it has been said that all courier service companies across the country will have to submit financial details to the FBR every quarter. Form One has been issued to courier service companies to submit financial details.

The SRO has said that companies providing online financial services will have to provide tax details on services in a separate form. Online business entities will also have to submit an affidavit while providing tax details.

The FBR has said that stakeholders can submit their views on the revised draft of online business within seven days.