Karachi: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) convened a roundtable session today, drawing key stakeholders from government and private sectors to discuss the adoption of a cashless economy. The session, led by FPCCI President Atif Ikram Sheikh, focused on creating incentives for digital payments to enhance tax compliance and expand the formal economy.

According to Federation of Pakistan Chambers of Commerce and Industry, representatives from the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), and the Sindh Revenue Board (SRB) participated in the discussions. The meeting aimed to develop coordinated strategies, such as tax incentives and cashbacks, to encourage documented transactions. Atif Ikram Sheikh emphasized the necessity of transitioning to a cashless economy to ensure transparency and global market integration.

Ghulam Muhammad Phul, Head of the Financial Inclusion Support Department, affirmed the SBP's commitment to supporting a secure digital payment infrastructure and promoting FinTech solutions. Zafar Rafique, Chief Commissioner of RTO at FBR, highlighted digitalization as a tool to broaden the tax base, while Sajjad Akbar, Chief Commissioner at IR Hyderabad, noted the importance of incorporating business community feedback.

Abdul Hameed Memon from the SRB mentioned the Sindh Government's existing incentives for digital payments at restaurants. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, stressed the need for collaboration between the private sector and regulators. Mian Zahid Hussain, Chairman of Policy Advisory Board at FPCCI, advocated for targeted tax relief to accelerate economic documentation.