FBR to eleminate NIC condition on voucher: AKTI

KARACHI: Federal Board of Revenue (FBR) to abolish its condition of NIC number on delivery voucher immediately or the small traders would seek alternative methods to avoid legal ways of business.

Chairman (AKTI), Muhammad Atiq Mir told Business Recorder that the FBR’s new rule would disturb the smoothness of tax collection process and increase the bribery trend. He said the new condition had created discontent amongst the small traders who now wanted the revenue to change the order.

He said that the FBR had introduced an SRO 821(1) 2001, making the NIC number on delivery voucher mandatory, which created problems for the retailers, who termed the documentation of each and every business deal as “impossible”.

He added that the move would deteriorate the business affairs and would widen the gap between small traders and the tax office to interact.

He urged the FBR to bring in traders friendly tax policies so that the country could pile up more and more taxes. He wanted the FBR should reform the taxation system of the country to facilitate the small and big businessmen of the country.

He warned the traders would rather prefer to stop buying commodities instead of complying with the new FBR order, saying the move was aimed at the broadening of sales tax network through documentation of small traders’ business transactions.

Copyright Business Recorder, 2011