Pakistan's Federal Board of Revenue (FBR) has issued Circular No. 02 of 2023-24, which explains the Important Amendments made by the Finance Act 2023 to the Sales Tax Act 1990, the Islamabad Capital Territory (Tax on Services) Ordinance 2001, and the Federal Excise Act 2005. Some of the main amendments for sales tax include the following: Revamping of the Alternative Dispute Resolution Mechanism in respect of sales tax (and federal excise) in order to facilitate registered persons and to reduce litigation as well as litigation costs; Enhancement (increase) in the rate of sales tax from 12% to 15% for Tier-I...