Fbr Traders Agreement

ISLAMABAD: The top tax officials of the Federal Finance Commission (FBR) met with traders` representatives on Thursday to check on the progress of the agreement on the implementation of the CNIC condition for the sale and purchase of goods from February 1. In agreement with a committee of economic operators, a review of the VAT rate will also be carried out for low-profit sectors. The two parties also agreed to settle the jewellers` issues as a matter of priority and in consultation with their associations. Previously, the President of the RBF had stated that the joint commissions were responsible for the registration of distributors, dispute resolution and other functions, as they had been decided in the agreement with the distributors` bodies. On Tuesday, traders went on strike across the country to protest measures to document their transactions and present a copy of CNIC for the purchase and sale of goods up to 50,000 aff. According to a press release from the Federal Finance Committee, the tax amendment regulation made legislative corrections to meet the reasonable requirements of merchants. Since disclosure of any sale by CNIC is now an important requirement of the law, merchants have rightly called for a reduction in the minimum tax rate, with the majority of taxpayers previously paying the minimum tax on grossly repressed sales. In order to promote correct reporting, the minimum tax rate has been streamlined. Among the merchants` representatives were Kashif Chaudhry, Naeem Mir and Ajmal Baloch.

07. To resolve tax problems for entrepreneurs, an office will be set up immediately at the RBF headquarters. To solve dealer problems, a BS-20/21 officer is appointed. It was the first meeting of the two sides since the plan to help merchants was announced by a presidential decree in December 2019. Current President Nausheen Amjad, IR Policy member Hamid Ateeq Sarwar and RETAIL DG Hameed Memon led the FBR team. On Thursday, the two sides also agreed in writing and without a spirit on a roadmap for the implementation of the agreement. The tax benefits were offered in an october 30 agreement between the RBF and merchant representatives.

Comments are closed.