The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala, recently reviewed the Finance Bill 2024. During this review, important issues regarding payment methods in businesses were discussed.
Chairman of the Federal Board of Revenue (FBR), Malik Amjed Zubair Tiwana, announced that businesses that refuse to accept credit or debit card payments will face strict penalties. These penalties could include significant fines and even possible closure if the businesses continue to refuse card payments after multiple complaints.
Senator Sherry Rehman brought up the problem of frequent failures with Point of Sale (POS) systems. She pointed out that in many other countries, even small transactions are easily completed using cards, emphasizing the need for Pakistan to improve its card payment systems.
To address these concerns, Tiwana assured that new measures will be implemented to enhance the transparency and reliability of POS systems. These measures will include licensing requirements and third-party integration to help prevent fraud and ensure the smooth operation of card payments.
Businesses that do not comply with these new regulations could face fines of up to Rs. 500,000. Additionally, retailers found guilty of tax fraud will be blacklisted. However, these retailers will have the opportunity to appeal against the blacklisting.
American Dollar Exchange Rate