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