ISLAMABAD – Crisis hit Pakistan is estimated to lose billions on tax evasion on an annual basis which caused a massive revenue shortfall and amid the deepening crisis, the government is looking at all possible options to generate funds.
For the upcoming budget, Sharif-led government is considering to restrict cash transactions beyond a certain limit from July 1, 2023.
It was reported that the country’s apex tax collection authorities are looking into whether this proposal is feasible and whether it will push the masses to pay via card or other means which comes under documentation.
The proposal is under review as restrictions on cash transactions would force buyers and sellers to go for electronic payments. People will then pay via their debit/credit cards, mobile payments, or other e-payment options.
If implemented, all retailers will require to install Point of Sale (POS) machines that accept non-cash transactions. It was also learnt that the government is mulling some rewards for a shift toward e-payments as it will bring a more transparent payment structure.
Finance ministry suggests 20 increase in salaries of government employees
