The Senate Standing Committee on Finance and Revenue reviewed the Finance Bill 2024 under the chairmanship of Senator Saleem Mandviwala today.
Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana informed the committee that businesses refusing to accept credit or debit card payments will face strict actions, including sealing the premises based on three daily complaints or five weekly complaints from customers.
Senator Sherry Rehman raised concerns about the difficulties faced by consumers due to POS system failures, recounting instances where credit card payments were not accepted. She emphasized that in other countries, such as the UK, even small purchases can be made with credit cards. She reported that in Pakistan, retailers often claim their machines are down, particularly for high-value transactions.
Chairman FBR said the introduction of measures to bring transparency to the POS system in the new budget. This includes licensing 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 Point of Sale (POS) transactions in a week would face a fine of Rs. 500,000.
Tiwana added that retailers involved in tax fraud will be blacklisted, but they will have the right to appeal to the Chief Commissioner. He assured the committee that steps are being taken to ensure retailers comply with the POS system and accept credit card payments.
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