People urged to use CNICs for heavy amount transactions

People urged to use CNICs for heavy amount transactions

ISLAMABAD: Special Assistant to Prime Minister on Revenue Dr. Waqar Masood on Wednesday urged people to use their Computerized National Identity Cards (CNICs) at the time of making heavy amount transactions.

This will help avoid, unverifiable and fictitious business buyers which results in huge sales tax losses in the value chain, he added.

He said that Federal Board of Revenue (FBR) had already notified provisions making it mandatory for ordinary citizens to show computerized Identity Card in case of purchase over Rs50,000 from a registered sales tax seller.

The state media quoted as saying that with the effort of PTI-led government the tax net collection has been increased by bringing reforms in the FBR and country’ economy was putting back on fast track.

He appreciated the efforts of FBR for expanding the tax net and facilitating the tax payers, adding, FBR would achieve the revenue target set for the current year and the economic activities would further improve in coming four months.

He also mentioned that in the month of January almost 13 percent increase in tax collections was witnessed, adding that the fruits of improvement in the economy would reach the common man soon.

He further explained that during the current period, significant improvement was made in increasing foreign direct investments, tax revenue; improving debt management, and ensuring financial economy discipline.

Replying to a question, he said PTI-led government has no plan to bring mini-budget and government would not impose any new taxes in the upcoming budget for the fiscal year to facilitate the industry and help check contraction of economy.

Talking about tax theft in sugar mills, he said that FBR has decided to install internet protocol cameras at different manufacturing sectors including Sugar mills to undertake real-time monitoring of production process in a bid to curb tax evasion.

“We have given special focus on the IT tools for expanding the tax net, he said, adding, reforms in FBR and revenue collection are targets besides expanding tax network across the country.”

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