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Foreign exchange dealers, companies: All transactions to be monitored by FBR

ghazi52

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Foreign exchange dealers, companies: All transactions to be monitored by FBR
  • Board has included foreign exchange dealers/exchange companies in the list of the businesses that are required to online integrate their businesses

Sohail Sarfraz
15 Jan, 2022


61e1ed54bf055.jpg



ISLAMABAD: The Federal Board of Revenue (FBR) has decided to document transactions of the foreign exchange dealers/exchange companies, and directed them to online integrate with the FBR’s computerised system.
The FBR has notified SRO50(I)/2022 to draft amendments in the Income Tax Rules, 2002, here on Friday.

In this connection, the FBR has issued instructions to the foreign exchange dealers/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.

Under the FBR’s rules, the Board shall ensure to provide a facility on its website to a customer of an integrated enterprise person to verify and ensure that the invoice or bill issued to him has been duly communicated to the Board’s Computerized System and in case of non-verification, he may upload the image of invoice or bill to the Board’s portal.

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.

The person shall notify to the Board, through the Computerized System, of all the establishments, hereinafter referred to as notified establishments, from which they intend to carry on business and shall register each point of sale(POS) to activate the integration duly providing the following information, namely: POS Registration Number (to be provided by the System); name of business; branch name; branch address; POS identification number, and registration date.

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.

Copyright Business Recorder, 2022
 

Riz

SENIOR MEMBER
Jan 20, 2010
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Foreign exchange dealers, companies: All transactions to be monitored by FBR
  • Board has included foreign exchange dealers/exchange companies in the list of the businesses that are required to online integrate their businesses

Sohail Sarfraz
15 Jan, 2022


61e1ed54bf055.jpg



ISLAMABAD: The Federal Board of Revenue (FBR) has decided to document transactions of the foreign exchange dealers/exchange companies, and directed them to online integrate with the FBR’s computerised system.
The FBR has notified SRO50(I)/2022 to draft amendments in the Income Tax Rules, 2002, here on Friday.

In this connection, the FBR has issued instructions to the foreign exchange dealers/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.

Under the FBR’s rules, the Board shall ensure to provide a facility on its website to a customer of an integrated enterprise person to verify and ensure that the invoice or bill issued to him has been duly communicated to the Board’s Computerized System and in case of non-verification, he may upload the image of invoice or bill to the Board’s portal.

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.

The person shall notify to the Board, through the Computerized System, of all the establishments, hereinafter referred to as notified establishments, from which they intend to carry on business and shall register each point of sale(POS) to activate the integration duly providing the following information, namely: POS Registration Number (to be provided by the System); name of business; branch name; branch address; POS identification number, and registration date.

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.

Copyright Business Recorder, 2022
Just include tax of 50% on each sale transaction of US$ in open market. There is no consumption of dollars for Pakistanis other then investing, which is illegal. In haramzadon ko double rate par sale karo aor purchase karo original rate par , tub yeh haramkhoor dollar ki jan chorain gay
 
Last edited:

AMG_12

FULL MEMBER
Oct 9, 2014
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Lots of Money Exchange companies in Blue Area, Islamabad provide illegal services. I have been purchasing USD from some of them for personal use and they always tell me they can deposit it directly for me in my overseas account in Singapore or Malaysia. I always refuse. On the other hand, banks are now more strict with USD deposits and require a receipt and source of income.
 

ARMalik

SENIOR MEMBER
Dec 7, 2017
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Lots of Money Exchange companies in Blue Area, Islamabad provide illegal services. I have been purchasing USD from some of them for personal use and they always tell me they can deposit it directly for me in my overseas account in Singapore or Malaysia. I always refuse. On the other hand, banks are now more strict with USD deposits and require a receipt and source of income.

These Money Exchanges exist because they have been allowed to exist for the corrupt Government and Military officials to transfer money out of Pakistan.
 

Riz

SENIOR MEMBER
Jan 20, 2010
6,411
-1
11,885
Country
Pakistan
Location
Pakistan
Lots of Money Exchange companies in Blue Area, Islamabad provide illegal services. I have been purchasing USD from some of them for personal use and they always tell me they can deposit it directly for me in my overseas account in Singapore or Malaysia. I always refuse. On the other hand, banks are now more strict with USD deposits and require a receipt and source of income.
they are another kind of mafia , they can send money on moon if u add few bucks more haram to these bastards
 

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