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Print Print 2024-06-15

FBR chief issues warning to businesses refusing credit, debit cards payments

  • Says sealing of business premises would be based on three daily complaints or five weekly complaints from customers
Published June 15, 2024

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Amjed Zubair Tiwana said Friday that businesses refusing to accept credit or debit card payments will face strict actions, including sealing of premises.

The Senate Standing Committee on Finance and Revenue reviewed the Finance Bill 2024 under the chairmanship of Senator Saleem Mandviwala, here on Friday.

The FBR chairman stated sealing of business premises would be based on three daily complaints or five weekly complaints from customers.

FBR’s POS system: 1,680 Tier-1 retailers told to integrate by May 31st

Senator Sherry Rehman raised concerns about the difficulties faced by consumers due to Point of Sale (POS) system failures, recounting instances where credit card payments were not accepted. She emphasised that even small purchases can be made with credit cards in other countries, such as the UK.

She reported that in Pakistan, retailers often claim their machines were down, particularly for high-value transactions.

The FBR chairman said the introduction of measures to bring transparency to the POS system in the new budget. This includes licencing POS software companies and integrating a third-party license system. The chairman admitted that previous POS software was vulnerable to fraud, and reassured that the new system would prevent such issues.

He added that shops not providing receipts for five POS transactions in a week would face a fine of Rs500,000.

Tiwana added that retailers involved in tax fraud would be blacklisted, but they would have the right to appeal to the chief commissioner.

He assured the committee that steps were being taken to ensure retailers comply with the POS system and accept credit card payments.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Azeem Hakro Jun 15, 2024 09:53am
Most shopkeepers refuse to accept credit cards. govt should take action against them. This will encourage more businesses to adopt digital payment methods, promoting a cashless economy.
thumb_up Recommended (0)
Truthisbitter813 Jun 15, 2024 11:35am
About damn time.
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T Jun 15, 2024 12:07pm
fbr is the new comedy club in town.
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Usman Jun 15, 2024 03:22pm
Best way is to reduce cash withdrawing limit to 20k a month.every one will be forced to follow debit and credit cards.
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ZIA UL MUSTAFA AWAN Jun 15, 2024 03:34pm
Commendations to ICMA for insightful economic strategies. Their focus on rate cuts, agriculture investment, and fiscal reforms is crucial for Pakistan's recovery.
thumb_up Recommended (0)
ZIA UL MUSTAFA AWAN Jun 15, 2024 03:36pm
Commendations to ICMA for insightful economic strategies. Their focus on rate cuts, agriculture investment, and fiscal reforms is crucial for Pakistan's recovery.
thumb_up Recommended (0)
ZIA UL MUSTAFA AWAN Jun 15, 2024 03:36pm
Commendations to ICMA for insightful economic strategies. Their focus on rate cuts, agriculture investment, and fiscal reforms is crucial for Pakistan's recovery.
thumb_up Recommended (0)
Onion Jun 15, 2024 08:22pm
Why you don't tax the Tajirs doing cash Businesses.. & those Land Lords who Don't cultivate themselves or cultivate thru Haaris/ Muzareh. Over Burdening the already Burdened class is Zulm.
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Asghar Memon Jun 16, 2024 03:23pm
Shops dont accept CCs and most of time they dont offer discounts, if u insist to pay via CCs. DWatson offers 5% discount if u pay cash. Others charge 2.5% extra if u pay via CC, hence discouraging CCs
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Lubna Farooq Jun 16, 2024 04:36pm
A whats app complaint portal needs to be set up, so that customers can share the location pin of stores refusing non digital payments with out any hassle. It's about time to take concrete steps.
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