Islamabad: The Exchange Companies Association of Pakistan (ECAP) recently agreed to share the details of any suspicious customers with the Federal Board of Revenue (FBR) in cases of inquiry, according to news sources.
The ECAP delegation met with the tax authorities in this regard, and tabled three concerns before the FBR that included the applicability of Federal Excise Duty (FED), sharing records of private clients, and applicability of turnover taxes on money exchange firms.
Customarily, financial exchange firms are required to keep records of transactions above a specific limit. These records include copies of either the Computerised National Identity Card (CNIC) or the passport of the individuals involved in the said transaction.
Now, ECAP has
agreed to share the details of all customers involved in suspicious activities with
the FBR, once the tax authority launches an official inquiry.
Furthermore, the FBR
assured the delegation that it has taken notice of charging FED on exchange
firms and agreed to verify the legal status of such notices. Additionally, the
tax authority further admitted that the turnover taxes applicability on
exchange firms was also inappropriate.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
