FBR Obstacles to Growth. of QR Code Payments in Pakistan
The Federal Board of Revenue (FBR) is majorly becoming an obstacle in the way of the adoption of QR code payment systems in Pakistan, said Deputy Governor of State Bank of Pakistan (SBP) Dr. Inayat Hussain on Wednesday while sharing this information with the Senate Standing Committee on Finance.
Dr. Hussain said that Pakistan is lagging behind most countries in terms of adopting QR code payment systems. The reason is that the merchants are afraid to use this technology because of tax-related issues with the FBR. Whenever merchants try to set up a QR code payment system, FBR sends them notices, and panic and confusion arise. This has made the adoption of the system by the merchants more cumbersome since they cannot open bank accounts or fill out relevant forms.
He also emphasized the importance of making it compulsory for all merchants to have QR code systems in their operations to enable ease and convenience in making payments.
The Senate Finance Committee has directed the Ministry of Finance and the SBP to present, in six months, a report of how they plan to resolve these issues.
Further, Dr. Hussain also clarified that there would not be refinancing schemes for electric vehicles. This was something that only the Export-Import (Exim) Bank could introduce.
