ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for foreign exchange dealers/exchange companies to online integrate with the FBR’s computerised system for documentation of all buying/selling transactions of foreign exchange.

In this regard, the FBR has issued SRO175(I)/2022, here on Thursday to amend Income Tax Rules, 2002.

Earlier, the FBR issued draft amendments through the SRO50(I)/2022.

Recently, Federal Minister for Finance and Revenue Shaukat Tarin, at the launch of the “Automated Currency Declaration System”, stated that the government is focusing on two important areas, ie, taxation and foreign exchange. Foreign exchange companies or brokers are very much independent, he added.

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.

Copyright Business Recorder, 2022