Exchange companies, dealers need to integrate with online system: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for foreign exchange traders/exchange firms to integrate online with the FBR’s computerized system for documenting all currency buying/selling transactions.

In this regard, the FBR issued SRO175(I)/2022, here on Thursday, to amend the 2002 income tax rules.

Previously, the FBR had published draft amendments through SRO50(I)/2022.

Recently, Federal Finance and Revenue Minister Shaukat Tarin at the launch of the “Automated Currency Reporting System” said that the government is focusing on two important areas, namely taxation and foreign exchange. Exchange companies or brokers are very independent, he added.

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 client 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.

Copyright Business Recorder, 2022

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