Karachi: The Federal Board of Revenue (FBR) is set to launch a crackdown against traders who are not willing to share details on invoices over PKR 50,000 purchases, a news source reported. As per the publication, the FBR has completed its strategy and will impose fines against importers, retailers and manufacturers who failed to collect the Computerised National Identity Cards (CNICs) of the buyers during transactions over PKR 50,000.
It was announced by the government last year that the said rule would be implemented from August 2019 but it was delayed till January 31 of this year – owing to the rigorous demands of the small traders and retailers. Reportedly, traders and retailers are directed to provide the CNICs of the buyers purchasing over PKR 50,000 along with the sales tax returns by March 15 for February.
FBR officials will review
the tax returns and separate the invoices in which the required information is
not attached – penalties up to PKR 5000 or 3 percent of the tax will be imposed
for violators. The authority also alerted against the collection of the CNICs
or National Tax Number (NTN) of the associates and employees of the sellers.
