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FBR working to bring transactions through Easypaisa & Western Union under tax net

FBR working to bring transactions through Easypaisa & Western Union under tax net

ISLAMABAD: Federal Board of Revenue (FBR) has started working to document the transfer of money through Easypaisa and Western Union and mechanism in this regard is being prepared, it is learnt here.

Official sources told Customs Today that the board with the aim to broaden the tax net and document the international money transfer via both the applications Easypaisa and Western Union has started to prepare a mechanism, and for this purpose relevant rules will also be introduced in the upcoming Finance Bill 2019.

The board has proposed to introduce new amendments in the tax laws through the federal budget 2019-2020, sources confirmed.

Sources also told that billions of transactions are being made through Easypaisa and Western Union where these means are not documented so the board has intention to bring these two sources in the tax net. These means of transfer will be documented and also government will earn more revenue, while it will also be helpful to discourage unfair financing through these two sources of transfer.

It is important to mention here that Easypaisa’s International Home Transfer mobile account service allows users to receive money sent from around the world on Easypaisa Mobile Account. While Western Union is a global leader in cross-border, cross-currency money movement, which helps people and businesses move money across the world.