Govt, traders reach agreement, deferring condition of CNIC on sales and purchase

October 30, 2019: The Government and traders have reached an agreement and deferred condition of CNIC on sales and purchase till 31st January of the next year.

Enumerating main points of the agreement, along with traders' representatives in Islamabad on Wednesday, Prime Minister's Advisor on Finance Dr. Abdul Hafeez Shaikh said that a special desk will be established at Federal Bureau of Revenue in Islamabad to resolve problems being faced by traders' community.

He said an officer of grade 20 or 21 will be appointed in that desk, who will hold meeting with traders' representatives on monthly basis.

He said traders with over 100 million rupees turnover will pay half of the 1.5 percent tax. He said they will also be exempted from withholding tax. He said annual limit electricity bill for registration in sales tax has been increased from 600,000 to 1.2 million rupees. He said any shop of 1000 square feet will be absolved from sales tax in consultation with traders.

He said that the decision for the registration of retailers, who are doing wholesale business, will be taken in consultation with traders' committee.

The Advisor said the government will soon reach out to jewelers association to resolve their problems on priority basis.

Traders' representatives lauded the government for addressing their concerns and assured to jointly work to strengthen country's economy.