Pakistan Revenue
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. Sources in FBR said that sales tax registered persons would provide details of Computerized National Identity Card (CNIC) of buyers making purchases above Rs50,000.The registered persons […]
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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. Sources in the FBR said that as per updated Sales Tax Act, 1990 up to December 31, 2019 any person who fails to issue an invoice when […]
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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. 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 […]
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KARACHI: The requirement of Computerized National Identity Card (CNIC) is not applicable on purchases above Rs50,000 made by end consumers, tax officials said on Friday. They said that the condition of CNIC will be applicable from February 01, 2020 on sales by registered persons to unregistered persons. Every registered person is required to collect information […]
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ISLAMABAD: The mandatory requirement of Computerized National Identity Card (CNIC) on purchases of above Rs50,000 to apply from February 01, 2020. Sources in Federal Board of Revenue (FBR) on Wednesday said that the condition of CNIC on purchases above Rs50,000 will be applicable from February 01, 2020. The FBR will take legal action against those […]
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KARACHI: Syed Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) has said that the condition of Computerized National Identity Card (CNIC) has been made mandatory in order to document transactions above Rs50,000.
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ISLAMABAD: Federal Board of Revenue (FBR) will get real-time data of financial transactions of the banking system by end of this year. According to the minutes of the meeting chaired by the prime minister last month, it is decided that Ministry of Law and Justice in consultation with State Bank of Pakistan (SBP) to propose […]
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ISLAMABAD: Dr. Abdul Hafeez Shaikh, advisor to Prime Minister on Finance and Revenue, on Wednesday confirmed the agreement between the government and traders on various tax issues, including deferring the condition of Computerized National Identity Card (CNIC). “An agreement has been reached between the government and the traders community to increase tax revenue for growth […]
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The Federal Board of Revenue (FBR) has announced its decision to defer the implementation of the Computerized National Identity Card (CNIC) condition on sales transactions exceeding Rs50,000 until January 31, 2020.
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KARACHI: State Bank of Pakistan (SBP) on Monday said opposition from traders against CNIC condition on sales transactions was because of misunderstanding. In its annual report on State of Pakistan Economy, the SBP said that as part of the Finance Bill 2019, the federal government proposed an amendment in the Sales Tax Act of 1990. […]
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