FBR has made a significant decision to shift from cash transactions to debit and credit card payments, aligning with its commitments to the International Monetary Fund. This move aims to document business transactions across the country, focusing on point-of-sale systems for large retailers.
The FBR’s computerized system will be linked to the software, and CCTV cameras will monitor transactions. Experts believe this decision will help Pakistan transition to digital payments, aligning with global trends. This move is expected to curb tax evasion and streamline the taxation process.
A smooth implementation process is crucial to the success of this initiative. If perceived as a purely tax-centric move, businesses may resist. However, with proper planning and execution, this shift to digital payments can modernize Pakistan’s financial system and bring it in line with international standards.
