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.

This report was first published in Business Recorder on Jan 15, 2022.