Lahore: Mian Nasser Hyatt Maggo, President FPCCI, has appreciated the government’s decision to hold the compulsory requirement of digital mode payments for all businesses under a new law, i.e. The Tax Laws (Third Amendment) Ordinance 2021. The new law makes it mandatory to make all business and commercial transactions exceeding Rs. 250,000/= through online and digital channels.
Mian Nasser Hyatt Maggo added that when the new law was promulgated, FPCCI immediately escalated the issue with the relevant authorities and pointed out the challenges posed by mandatory online and digital payments as Pakistan’s economy runs on the sales made on post-dated cheques and credit is usually for 2 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 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.
Mian Nasser Hyatt Maggo, as President FPCCI, reiterates his stance and invites Ministry of Finance & Revenue and FBR to have a detailed consultative process and resolve the issue during the hold period of 40 days. FPCCI will take all stakeholders onboard as the apex representative body of the business, trade and industry of Pakistan, he added.