FBR to Document “Economic Transactions” of Unilateral Transfers of Gifts

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The Federal Board of Revenue (FBR) will document economic transactions of unilateral transfers of gifts and personal remittances from data being collected from 145 government organizations.

In this regard, the FBR has defined an economic transaction for the purpose of maintaining data of 145 government organizations.

According to the FBR’s rules, an economic transaction means a transaction for the 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. 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, authorization, permission, registration, access, or concession granted for any purpose, and any financial transaction and any nature as notified by the Board for the purpose of these rules.

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