Businesses refusing to accept credit, debit cards to be sealed, says FBR

ISLAMABAD: The Federal Board of Revenue (FBR) Chairman Amjad Zubair Tiwana has issued a warning to traders who do not accept credit or debit cards, stating that their businesses will be sealed.

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This announcement was made during a meeting of the Senate Standing Committee on Finance, where Senate members reported complaints against retailers, including restaurants and bookstores, for not accepting card payments and claiming that their machines were down.

FBR chairman assured the committee that measures would be taken to ensure payments can be made through credit cards, making it mandatory for retailers to accept such payments. He emphasised that businesses refusing to accept credit or debit cards would be closed.

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Additionally, retailers not implementing the Point of Sale (POS) invoice system will face a fine of Rs 500,000 and will only be allowed to reopen their businesses or shops seven days after the fine is imposed.

According to the State Bank of Pakistan (SBP), the use of credit cards for purchases recorded a 24.5 per cent annual growth in December.