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CNIC condition for transactions above Rs50,000 to be enforced from Feb 1

CNIC condition for transactions above Rs50,000 to be enforced from Feb 1

ISLAMABAD: The relaxation offered by the government on the condition of presenting CNIC copies for transactions over Rs50,000 has ended with the month of January. The mandatory condition will come into force from February 1 on Saturday (today).

Back in July 2019, the FBR notified provisions making it mandatory for ordinary citizens to show Computer National Identity Card in case of purchase over Rs50,000 from a registered sales tax seller.

The idea behind the move was to record business-to-business transactions and few transactions in a value higher than Rs50,000 by limited number of consumers and that too from sales tax registered person.

The condition is supposed help avoid, unverifiable and fictitious business buyers which results in huge sales tax losses in the value chain.

However, back then, there had been strong reservation of registered persons on providing CNIC of their supplies to unregistered persons.

Now, the All Pakistan Anjuman-e-Tajran has said to the media that the mandatory condition was not a hurdle to the owners of small businesses and as such the association had no reservations about withdrawal of the relaxation and fully supported it.