CNIC condition reduces transactions and revenue: FBR

KARACHI: Federal Board of Revenue (FBR) has admitted that the condition of Computerized National Identity Card (CNIC) reduced number transactions as well as shortfall in revenue. “This [CNIC] condition has further reduced... Read more »

CNIC condition on sales up to Rs100,000 relaxed to facilitate retailers: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that the retailers are not required to maintain information of Computerized National Identity Card (CNIC) of a consumer on sales not exceeding above Rs100,000.... Read more »

Commercial importers demand abolishing CNIC condition, FTR restoration

KARACHI: Commercial importers have demanded the government of abolishing condition of Computerized National Identity Card (CNIC) and restoring Final Tax Regime (FTR) in order to save businesses from adverse impact of COVID-19.... Read more »

FBR suggested to abolish further sales tax on fulfilling CNIC condition

KARACHI: Federal Board of Revenue (FBR) has been proposed to abolish further sales tax in case taxpayers fulfil condition of Computerized National Identity Card (CNIC). Karachi Chamber of Commerce and Industry (KCCI)... Read more »

Immunity from audit against CNIC condition demanded

KARACHI: The business community has demanded the Federal Board of Revenue (FBR) to give immunity from audit against CNIC condition for tax year 2020. In its budget proposals for fiscal year 2020/2021,... Read more »

Karachi Chamber advocates unregistered transactions

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) reiterated demand for eliminating condition of Computerized National Identity Card (CNIC) and allow unregistered persons to make purchases freely. KCCI President Agha Shahab Ahmed... Read more »

FBR urged to defer CNIC condition for six months

KARACHI: Business community has urged Federal Board of Revenue (FBR) to defer CNIC condition on purchases above Rs50,000 for at least six months. In a statement Saquib Fayyaz Magoon, Convener of Federation... Read more »

FBR starts obtaining CNIC information on purchases above Rs50,000

KARACHI: Federal Board of Revenue (FBR) has started obtaining CNIC information of buyers making purchases above Rs50,000 in order to realize sales tax and for broadening of tax base. Read more »

Registered persons to pay Rs5,000 as penalty for each invoice for not obtaining CNIC

KARACHI: Federal Board of Revenue (FBR) has said that registered persons to pay Rs5,000 as penalty amount on each invoice for failure to obtain CNIC information of buyers. Read more »

CNIC condition on purchases above Rs50,000 applies from tomorrow

ISLAMABAD: The condition of Computerized National Identity Card (CNIC) on purchases above Rs50,000 shall apply from tomorrow (February 01, 2020) as relaxation provided to small traders is expiring today. Read more »