ISLAMABAD: The condition to show CNICs on purchases above Rs50,000 has been increased to Rs100,000 in the budget 2020-21. The government’s new clause was put in the budget last year, but only came into effect earlier this year in February because of immense pressure from traders. The clause, a new sales tax law, was introduced to help FBR register traders and bring them under the tax net. The CNIC condition, which mainly targeted tax-evading traders, faced tough resistance from traders. There are about 381,000 trading units that fall in the sales tax jurisdiction, but only 47,000 of them are registered. Worse still, of the registered trading businesses, only 17,000 pay sales tax to the government. The government wanted to change that equation by bringing more traders into the tax net. The economic condition, however, and the reducing wholesale and retail revenues amid the coronavirus outbreak has forced the government to revisit its decision. Sales tax for large retailers has decreased from 14% to 12%. This decision was taken after coronavirus wreaked havoc to the economy.
ISLAMABAD, The Inter-Provincial Education MinistersConference has decided to keep the educational institutions open with 50percent attendance. The meeting decided that...Read more