FBR to monitor foreign exchange dealers, all transactions

The Federal Board of Revenue (FBR) has reportedly decided to document all transactions of the foreign exchange dealers and companies and directed them to ‘integrate’ with FBR’s computerized system.

According to reports, FBR has notified SRO50(I)/2022 to draft amendments in the Income Tax Rules, 2002, here on Friday. For which FBR has issued instructions to the foreign exchange dealers and exchange companies. According to the FBR, “the board has included foreign exchange dealers/exchange companies in the list of the businesses that are required to online integrate their businesses.”

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Given the nature of this recent mandate, the Board will ensure to facilitate customers on their website. This means, that a customer of an integrated company may verify and ensure that the invoice or receipt issued to them by the exchange dealer has been communicated to the FBR system. In case, of non-verification, the customer will be able to upload his/her invoice to the portal on the FBR website. 

According to Aaj News, “The foreign exchange dealers/exchange companies shall install such fiscal electronic device and software, as approved by the board, available on its website with complete technical instructions for installation, configuration and integration.”

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Moreover, the exchange dealers and exchange companies will have to notify FBR of all active branches via the computerized system, which will then be referred to as ‘notified establishments’. They will need to register each POS (point of sale) to activate integration and provide complete information including:

  • POS Registration Number
  • Name of Business
  • Branch name
  • Branch Address
  • POS Identification Number
  • Registration Date

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According to reports, “No sale or service from the notified establishment shall be rendered without being recorded by the duly-accredited electronic fiscal device (EFD), which means a system composed of one Sale Data Controller (SDC) and at least one Point of Sale (POS) connected together, that has the following characteristics and requirements”, the FBR added.

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