{"id":62265,"date":"2020-03-04T17:08:48","date_gmt":"2020-03-04T12:08:48","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62265"},"modified":"2020-03-04T17:08:50","modified_gmt":"2020-03-04T12:08:50","slug":"money-exchange-firms-share-clients-data-with-fbr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/money-exchange-firms-share-clients-data-with-fbr.html","title":{"rendered":"Money exchange firms to share suspected clients\u2019 data with FBR"},"content":{"rendered":"\n<p>Islamabad: The Exchange Companies Association of Pakistan (ECAP)\u00a0recently agreed to share the details of any suspicious customers with the Federal Board of Revenue (FBR) in cases of inquiry, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-collect-pkr-2-5-trillion-four-months-meet-fy-2019-20-tax-targets.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR to collect PKR 2.5 trillion in four months to meet FY 2019-20 tax targets (opens in a new tab)\">FBR to collect PKR 2.5 trillion in four months to meet FY 2019-20 tax targets<\/a><\/p>\n\n\n\n<p>The ECAP delegation met with the tax authorities in this regard, and tabled three concerns before the FBR that included the applicability of <a href=\"https:\/\/www.zameen.com\/news\/fbr-collects-pkr-209bn-in-additional-taxes.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Federal Excise Duty (opens in a new tab)\">Federal Excise Duty<\/a> (FED), sharing records of private clients, and applicability of turnover taxes on money exchange firms.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-shares-atl-stats-on-income-tax-returns-filed-in-ty2019.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR shares ATL, stats on income tax returns filed in TY2019 (opens in a new tab)\">FBR shares ATL, stats on income tax returns filed in TY2019<\/a><\/p>\n\n\n\n<p>Now, ECAP has\nagreed to share the details of all customers involved in suspicious activities with\nthe FBR, once the tax authority launches an official inquiry. <\/p>\n\n\n\n<p>Furthermore, the FBR\nassured the delegation that it has taken notice of charging FED on exchange\nfirms and agreed to verify the legal status of such notices. Additionally, the\ntax authority further admitted that the turnover taxes applicability on\nexchange firms was also inappropriate. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Exchange Companies Association of Pakistan (ECAP)\u00a0recently agreed to share the details of any suspicious customers with the Federal Board of Revenue (FBR) in cases of inquiry, according to news sources. Read: FBR to collect PKR 2.5 trillion in four months to meet FY 2019-20 tax targets 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. Read: FBR shares ATL, stats on income tax returns filed in TY2019 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&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[21868,21867,21871,21864],"persona":[],"class_list":{"0":"post-62265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-ecap","9":"tag-exchange-companies-association-of-pakistan","10":"tag-fed","11":"tag-money-exchange-firms-to-share-suspected-clients-data-with-fbr","12":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Money exchange firms to share clients\u2019 data with FBR- Zameen News<\/title>\n<meta name=\"description\" content=\"Exchange Companies Association of Pakistan (ECAP) agreed to share the details of any suspicious customers with the FBR in cases of inquiry\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/money-exchange-firms-share-clients-data-with-fbr.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money exchange firms to share clients\u2019 data with FBR- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Exchange Companies Association of Pakistan (ECAP) agreed to share the details of any suspicious customers with the FBR in cases of inquiry\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/money-exchange-firms-share-clients-data-with-fbr.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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