In a bid to improve tax documentation and transaction tracking, the Federal Board of Revenue (FBR) has made debit and credit card payments mandatory for businesses, replacing cash transactions.
Under the new regulations, all retailers must accept online payment methods, including debit and credit cards. Moreover, registered retailers are now required to maintain detailed records of all transactions, particularly those made via card payments. To enhance transparency, retailers must also implement CCTV monitoring at point-of-sale (POS) terminals.
These measures will be taken under new regulations:
- Phase One: Tier-one retailers and large businesses must install POS machines linked to the FBR’s computerized system.
- Data Monitoring: POS transaction records will be documented on a daily, weekly, and monthly basis, with all modifications, cancellations, and amendments subject to strict oversight.
- Fraud Detection: The e-invoice software will automatically alert the FBR in case of fraudulent activity or discrepancies in a retailer’s system.
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Retailers are required to retain transaction records for up to one month and provide them to the relevant tax commissioner upon request. Despite FBR’s ongoing efforts, many businesses remain unconnected to the POS system or continue issuing fake receipts to evade tax compliance.
