FBR to monitor all transactions of forex traders, companies – Business
The Federal Board of Revenue (FBR) decided to document the transactions of foreign exchange traders/exchange companies and required them to integrate online into the FBR’s computerized system.
The FBR notified SRO50(I)/2022 to Proposed Income Tax Rules Amendments, 2002 here on Friday.
In this regard, the FBR has given instructions to foreign exchange traders/exchange companies.
According to the FBR, the council has included foreign exchange traders/exchange firms in the list of companies that are required to integrate their business online.
Under the rules of the FBR, the Régie must make sure to provide on its website to a customer of an integrated company a function allowing him to verify and ensure that the invoice or invoice issued to him has been duly communicated to the computerized system of the Régie and, in the event of non-verification, he can upload the image of the invoice or invoice on the Régie portal.
Forex brokers/exchange firms must install such electronic fiscal device and software, as approved by the Board, available on its website with full technical instructions for installation, configuration and integration.
The person must notify the Régie, through the computerized system, of all the establishments, hereinafter referred to as notified establishments, from which he intends to carry out his activities and must register each point of sale (POS) for activate the integration by duly providing the following information, namely: the POS registration number (to be provided by the system); Company Name ; Branch name; Branch address; Point of sale identification number and date of registration.
No sale or service of the Notified Establishment will be made without being registered by the duly accredited Electronic Fiscal Device (EFD), i.e. a system consisting of a Sales Data Processor (SDC) and of at least one point of sale (POS) connected together, which has the following characteristics and requirements, added the FBR.
This report was first published in Business Recorder on January 15, 2022.