Business owners are now bound to collect the copies of computerized National identity cards (CNIC) at the transaction of 50,000 and above, from today (Saturday).
Federal Board of Revenue (FBR) had given relaxation on this mandatory condition till January 2020 and the deadline had come to an end, now the law comes into force.
Small business owners had shown some resistance against the regularity laws of FBR to register the business, but now the board and has settled out the issues.
President of all Pakistan traders union – Ajmal Baloch told The English daily that “the mandatory condition was not a hurdle to the owners of small businesses and as such the association had no reservations about the withdrawal of the relaxation and fully supported it.”
According to him, “the association’s agreement with the FBR had also come into force after which all problems faced by the owners of small businesses had been resolved.”
Ajmal Baloch also told that notifications for the formation of committees comprising representatives of the business community had also been released after which the FBR and traders would join hands for the registration of businesses to ensure that they became part of the tax net.
Baloch also revealed that the agreement with the FBR was being implemented from January 2020 and a law to that effect had also been chalked out.
Earlier, Prime Minister Imran Khan had announced that all issues faced by the traders, would be resolved with mutual cooperation of the FBR and the business community.