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FBR recommended to put condition of CNIC on purchase of 10 tola gold

FBR recommended to put condition of CNIC on purchase of 10 tola gold

ISLAMABAD: Federal Board of Revenue (FBR) has been urged to fix the condition of Computerized National Identity Card (CNIC) on purchase of around 10 tola or above of gold.

Karachi Chamber of Commerce and Industry (KCCI) in proposals for budget 2020/2021 submitted to FBR, said that during last two years, prices of gold has sharply increased and the amount of Rs.50,000 is quite irrational and unfair due to high value of precious metal.

Only 7 grams gold jeweler will cost more than Rs.50,000, the KCCI said.

Highlighting the impact, the KCCI said that the customers will deal directly with unorganized sector / workshops

– Mostly undocumented jewelers benefit from requirement of CNIC for purchases above Rs.50000/-

– Will encourage under reporting of transactions

– Will result in loss of taxes to government

The chamber therefore proposed that the issue may been seen realistically and condition of NIC be imposed on purchase of 10 tolas or more.

It will boost official business activities and will also generate and promote economic activities besides generating revenue for the government as well.