Sep 29, 2021: President, Federation of Pakistan Chambers of Commerce and Industry, Mian Nasser Hyatt Maggo has appreciated the government’s decision to hold the compulsory requirement of digital mode payments for all businesses under a new law; Tax Laws (Third Amendment) Ordinance 2021 for forty days.
The new law makes it mandatory to make all business transactions exceeding Rs 250,000 through online and digital channels, said FPCCI release on Wednesday.
Maggo said when the new law was promulgated, FPCCI immediately raised the issue with the relevant authorities and pointed out the challenges posed by mandatory online and digital payments as Pakistan’s economy ran on the sales made on post-dated cheques. And, the credit was usually for two months and, the businesses cannot comply with this condition in the new ordinance in any way.
FPCCI welcomes government’s decision of holding the new 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, as President FPCCI, reiterated his stance and invited Federal Ministry of Finance and Revenue, and Federal Board of Revenue to have a detailed consultative process and resolve the issue during the hold period of 40 days.
FPCCI would take all stakeholders on board as the apex representative body of trade and industry in the country, he added.