Islamabad: The Federal Board of Revenue (FBR) may hold back on the full implementation of the Computerised National Identity Card (CNIC) condition for the business and trader community till January 1, 2020 – a news source reported.
FBR had introduced the condition of documentation for the business community, requiring traders to share CNICs of unregistered manufacturers and buyers with the taxation authority on purchases/supplies of PKR 50,000, during the October 2019 to December 2019 financial quarter. The authority’s senior officials had revealed that this condition was essential for reaching its target of revenue collection under the International Monetary Fund (IMF) programme.
A top FBR official stated that the authority was expected to hold back on the full implementation of this CNIC condition till January 1, 2020. Previously, FBR had decided to postpone the condition’s implementation, and take no adverse action under the Income Tax Ordinance 2001 and Sales Tax Act 1990 till September 30 (today).
The official said that FBR would perform a detailed analysis following September 30 to determine how many taxpayers provided the CNIC information accurately. However, he added, that the taxation authority may not take any punitive action till January 1.
Meanwhile, the parliament reserves the right of withdrawing the condition
