ISLAMABAD: The Federal Board of Revenue (FBR) has announced the implementation of a strict digital surveillance system at business points to increase business transparency and prevent tax evasion. Under this new plan, CCTV cameras will be installed at every business point and debit and credit card machines, QR codes and other digital payment methods will have to be directly linked to the FBR network.
According to the documents, online shops and e-commerce platforms will also have to integrate their websites, software and mobile applications with the FBR system so that all sales data can be reported in real time.
Under the rules, invoices will have to be uploaded within a maximum of 24 hours even in the event of internet or power outages, while records of electronic invoices will be prepared on a daily, weekly and monthly basis.
The FBR has made it clear that heavy fines and legal sanctions will be imposed in case of tampering with the electronic system or hiding data. Moreover, it will be mandatory for businesses to preserve their digital invoice data for at least six years.
According to experts, this move will play an important role in reducing the black economy and moving the economy towards digital documentation.
