AIRLINK 81.00 Increased By ▲ 2.61 (3.33%)
BOP 5.33 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.43 Increased By ▲ 0.10 (2.31%)
DFML 33.19 Increased By ▲ 2.32 (7.52%)
DGKC 79.40 Increased By ▲ 0.89 (1.13%)
FCCL 20.70 Increased By ▲ 0.12 (0.58%)
FFBL 32.50 Increased By ▲ 0.20 (0.62%)
FFL 10.37 Increased By ▲ 0.15 (1.47%)
GGL 10.45 Increased By ▲ 0.16 (1.55%)
HBL 119.00 Increased By ▲ 0.50 (0.42%)
HUBC 135.80 Increased By ▲ 0.70 (0.52%)
HUMNL 6.80 Decreased By ▼ -0.07 (-1.02%)
KEL 4.63 Increased By ▲ 0.46 (11.03%)
KOSM 4.86 Increased By ▲ 0.13 (2.75%)
MLCF 38.74 Increased By ▲ 0.07 (0.18%)
OGDC 134.49 Decreased By ▼ -0.36 (-0.27%)
PAEL 23.93 Increased By ▲ 0.53 (2.26%)
PIAA 27.12 Increased By ▲ 0.48 (1.8%)
PIBTL 7.02 No Change ▼ 0.00 (0%)
PPL 113.42 Decreased By ▼ -0.03 (-0.03%)
PRL 28.04 Increased By ▲ 0.31 (1.12%)
PTC 15.04 Increased By ▲ 0.44 (3.01%)
SEARL 58.30 Increased By ▲ 1.80 (3.19%)
SNGP 67.96 Increased By ▲ 1.66 (2.5%)
SSGC 11.15 Increased By ▲ 0.21 (1.92%)
TELE 9.40 Increased By ▲ 0.25 (2.73%)
TPLP 11.79 Increased By ▲ 0.12 (1.03%)
TRG 73.40 Increased By ▲ 1.97 (2.76%)
UNITY 25.10 Increased By ▲ 0.59 (2.41%)
WTL 1.41 Increased By ▲ 0.08 (6.02%)
BR100 7,552 Increased By 59.2 (0.79%)
BR30 24,845 Increased By 286.9 (1.17%)
KSE100 72,569 Increased By 517 (0.72%)
KSE30 23,898 Increased By 90.2 (0.38%)

ISLAMABAD: The Federal Board of Revenue (FBR) will maintain record of economic transactions of transfers of gifts and personal remittances from data being collected from 145 government organisations. In this regard, the FBR has defined “economic transaction” for the purpose of maintaining data of 145 government organisations.

The new FBR’s rules revealed that the “economic transaction” means a transaction for exchange or transfer of title or ownership of assets, goods or services involving economic value provided by one person to another person including but not limited to the transactions of tangibles including all types of physical goods manufactured or produced, imported or exported.

The “economic transaction” would also cover intangibles including all types of services, rights, interests, or licenses by whatever name called.

FBR to integrate real time data of 145 entities

It will cover unilateral transfers including gifts, personal remittances and other transactions or unrequited transfers which do not involve any claim for repayment.

The “economic transaction” would also cover capital transfers including capital receipts and capital payments and any activity carried out by any person for sale and purchase of any asset, payment for any expenditure, deriving of any income, profits or any gain.

The “economic transaction” would also cover any approval, authorisation, permission, registration, access, concession granted for any purpose, and any financial transaction and any nature as notified by the Board for the purpose of these rules.

Copyright Business Recorder, 2023

Comments

Comments are closed.