ISLAMABAD: Federal Board of Revenue (FBR) has agreed to defer the implementation till January 31, 2020 of condition of Computerized National Identity Card (CNIC) information on a sale transaction above Rs50,000, claimed central leader of traders Ajmal Bloch on Wednesday after meeting with officials of ministry of finance and FBR.
The traders were on two-day strike / protest against various tax measures stating that they would not be able to continue their business under such circumstances.
The traders’ leader also claimed that the tax authorities had agreed to reduce tax to 0.5 percent from 1.5 percent on turnover up to Rs100 million.
Further small traders falling under turnover up to Rs100 million would not be responsible for deducting withholding tax.
Further the mandatory requirement of sales tax registration on annual electricity bill of Rs600,000 has been agreed to relax to Rs1.2 million annual electricity bill.
Baloch said that the tax authorities had agreed to review turnover tax for those sectors having lower profits.
He said that jewelers have also issues with the present tax system. However, the traders association would meet jewelers association to resolve their issues on priority basis.
A facilitation desk to be set up at FBR headquarters to resolve tax issues of traders. Further it was also agreed that the tax registration form for traders would be in Urdu language.