FBR waives CNIC condition for traders by two months

FBR has delayed enforcement of CNIC condition required under the Finance Act’19 till 30thSept’19 on purchase of over PKR 50,000 for nearly two months for traders, thwarting a nationwide strike that they were set to observe against the govt. The interim understanding was reached during a meeting between the FBR and the traders with FBR Chairman Shabbar Zaidi in chair. FBR and traders said that they would start negotiations again after Eid holidays. Last week, FBR unveiled a draft of simplified income tax regime for small shopkeepers. But the retailers had their reservations against the draft too, as they did not want to be a part of the formal regime without guarantees.