In a bid to curb tax evasion, the Government is planning to ban cash transactions beyond a certain limit across Pakistan, which is going to help generate more funds as business transactions will be documented.
According to the details, the Government plans to ban cash transactions in Pakistan beyond a certain limit from 1 July 2023 and tax collection authorities are looking into whether this proposal is feasible and whether it will promote payments via card and other means that are documented.
The proposal is reportedly under review as restrictions on cash transaction will force buyers and sellers to go for electric payment methods like debit/credit cards, mobile payments or other forms of e-payment options.
If implemented, all retailers will require to install Point-of-Sales (POS) machines that accept debit/credit cards and the Government is reportedly mulling to reward businesses that make the shift towards e-payments.
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