CNIC condition on traders expected to go into effect starting Feb 1

Islamabad: Prime Minister (PM) Imran Khan is expected to announce concessions for the country’s traders on January 20; while the business community, in response to the relief measures proposed by the government, may be directed to comply with the CNIC condition from February 1 onwards – a news source reported.

All Pakistan Traders Union President Ajmal Baloch expressed his views on the matter. He said that the premier would announce several concessions for country’s business community at a traders’ convention – scheduled to take place on January 20.

Read: PM to meet traders on Jan 20; announce concessions: Zaidi

He further stated that the executive had amended relevant laws to accommodate the demands put forth by the traders

So far, the implementation of the CNIC condition has been deferred twice. Following the original announcement, the Federal Board of Revenue (FBR) had deferred the policy until the end of September 2019 and then, after further negotiations, had stretched the deadline by January 31.

The concession conceded by the government and the FBR include an increase in electricity consumption threshold for sales tax registration; a reduction of minimum tax from 1.5 percent to 0.5 percent. Moreover, traders with an annual turnover of PKR 100 million or less will not be required to operate as withholding agents.