ISLAMABAD: The Federal Board of Revenue (FBR) has decided to further tighten the monitoring and digital payments system for business centers. According to the documents received, CCTV cameras will be installed at business points, while debit and credit card machines, QR codes and other digital payment methods will be mandatory to be linked to the FBR system.
According to the document, businesses selling online will also be required to link their websites, software and mobile applications with the FBR system.
Under the new FBR regulations, a registered person will be required to give access to the business premises and records to the tax officer. In case of tampering with the electronic system, fines and other sanctions will be imposed.
In case of internet or power outage, invoices will be required to be uploaded to the FBR system within 24 hours, while it will also be mandatory to maintain records of electronic invoices on a daily, weekly and monthly basis.
Furthermore, the law also mandates the retention of data of digital or online invoices for at least six years.
