The mandatory computerized national identity card (CNIC) condition for business transactions of Rs50,000 and above has created a lot of problems for the business community, besides sending a lot of money out of the economy, and the government should abolish this condition in the forthcoming budget to facilitate the smooth growth of business activities.
This was stressed by Muhammad Ahmed Waheed, President Islamabad Chamber of Commerce & Industry (ICCI), in a statement on Tuesday. He said if abolishing CNIC condition was not possible for the government, then it should enhance the limit of transaction amount for CNIC condition from Rs.50,000 to at least Rs.200,000, which would bring money back into the economy, give boost to business activities and contribute towards improving the tax revenue of the government.
Waheed said that the government has made mandatory to show CNIC on making purchases of Rs50,000 and above from sales tax registered persons but due to this condition, business community was facing lot of problems. He said that businesses were already suffering huge losses due to the Covid-19, so in these circumstances, government should refrain from imposing conditions that were making it difficult to promote businesses.
