- From today, the buyer will be required to give a CNIC copy for purchase of Rs50,000 or more.
- The FBR officials believe the implementation of CNIC condition would help identify the people operating in the undocumented economy.
The condition of presenting the Computerised National Identity Card (CNIC) while making a purchase of Rs50,000 or more from a shop will be implemented from today (February 1st) onwards.
From today, the buyer will be required to give a CNIC copy for purchase of Rs50,000 or more. The Federal Board of Revenue (FBR) and representatives of traders’ associations on October 30, 2019 reached on an agreement under which the application of CNIC information was deferred till January 31, 2020.
As per details, action will be taken against those who violate the law. Meanwhile, the FBR and traders will register the traders outside the tax net. Whereas, committees comprising business representatives have been established across the country.
Meanwhile, traders say the problems of small businessmen have been solved, so there is no objection to implementation of law now. Business leader Ajmal Baloch said that business conditions are now improving. He said that the real problem was the registration of the sales tax which was fixed. Now a trader who has a turnover of up to Rs100 million will be called a small businessman.
The government, in the current budget for the financial year 2019-20, introduced the condition of CNIC on buyers. The condition created controversy and retailers and small traders staged protest across the country. So, the CNIC condition, which had to be implemented from August 1, 2019, was deferred till January 31, 2020 following negotiations between the FBR and small traders.
The FBR officials believe the implementation of CNIC condition would help identify the people operating in the undocumented economy. According to the agreement with traders, the government would not take any disciplinary action against traders who did not buy and sell goods on the basis of CNIC till January 31.