FPCCI welcomes digital mode of payments

Staff Reporter BOL News

29th Sep, 2021. 04:01 pm

Logo of the FPCCI. Photo: File

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated the government’s decision to hold the compulsory requirement of digital mode of payments for all businesses under a new law, i.e., the Tax Laws (Third Amendment) Ordinance, 2021, a statement said on Wednesday.

The new law makes it mandatory for all the business and commercial transactions, exceeding Rs250,000 to make the same through online and digital channels.

FPCCI president Mian Nasser Hyatt Maggo said that when the new law was promulgated, the FPCCI immediately escalated the issue with the relevant authorities and highlighted the challenges posed by the mandatory online and digital payments, as Pakistan’s economy runs on the sales made on the post-dated cheques and credit is usually for two months; and, the businesses cannot comply with this condition in the new ordinance in any way.

The FPCCI welcomes the government’s decision of holding the new impractical and harsh conditionality for a period of 40 days. This can help devise a better and practical win-win mechanism for the government and the business community.

Maggo reiterates his stance and invites the Ministry of Finance and Revenue and the FBR to have a detailed consultative process and resolve the issue during the holding period of 40 days. The FPCCI will take all stakeholders onboard as the apex trade body of the business, trade and industry of Pakistan, he added.

Adsence 300X250