Govt revises CNIC condition for traders to pay tax

ISLAMABAD (92 News) – After meetings of traders with Prime Minister Imran Khan and Chief of Army Staff General Qamar Javed Bajwa, the government has revised the condition of computerized national identity card (CNIC) for traders to pay tax. According to a notification issued by the Federal Board of Revenue (FBR), the provision of a CNIC by a buyer for identity will be considered a good faith. However, traders will have to fulfill the requirements of the section 23 of Sales Tax Act through a tax invoice. Unregistered people will have to deposit invoice, including sales tax, to the business bank account of the supplier. The CNIC copy provided by the buyer must be verified by the NADRA. The CNIC/NTN provided should not be of the employee of the seller or his associates as defined under the Income Tax Ordinance 2001. Moreover, the issuance of a show-cause notice to a registered person being a seller on account of any matter arising out of CNIC provided by purchaser shall not be made prior approval of the Member (IR-Operation), FBR after providing an opportunity to be heard.

National security is intimately linked to economy: COAS

On October 3, Chief of Army Staff (COAS) General Qamar Javed Bajwa said that national security is intimately linked to economy while prosperity is function of balance in security needs and economic growth. The army chief stated while addressing to seminar on ‘Interplay of Economy and Security’, a concluding session of stake holders. According to the Inter-Service Public Relation (ISPR), the sequel to discussions and seminars hosted by Gen Qamar Javed Bajwa which was held at Army Auditorium. The government economic team and businessmen of the country participated. During the event, the COAS apprised participants about improved internal security environment of the country which has enabled space for increased economic activity. He also said that accessibility and responsiveness of government economic team to business community and displayed understanding between public and private institutions is good sign for intended positive trajectory in economic activity. The army chief said that national security is intimately linked to economy while prosperity is function of balance in security needs and economic growth. He said that aim of various discussions and seminars was to bring stake holders at one platform to formulate recommendations for a synergistic way forward. On the occasion, the government economic team informed business community about initiatives being introduced by the government to facilitate businesses and the encouraging results of stabilisation efforts on national economy. “Businessmen shared their suggestions with the government team to further improve environment for ease of doing businesses and assured that they will cooperate in implementation of government reforms and also play their part by paying taxes and investing in a socially and economically responsible manner,” the ISPR said. Gen Qamar Javed Bajwa thanked all the participants for purposeful utilisation of the joint forum by stake holders for discussions and seminars leading to formulation of policy recommendations for subsequent processes and implementation.