ISLAMABAD: Negotiation between the Federal Board of Revenue (FBR) and traders have collapsed after the traders once again refused to become part of the formal economy, claimed a report in The Express Tribune.
The decision of the traders to not become part of the formal economy has been a hindrance in the government’s plans to document the economy.
According to the report, the traders threatened to use their street power if the government did not show flexibility, reminding the government that they had even brought the former president Pervaiz Musharraf to his knees.
The government made it mandatory for industrialists to seek the Computerized National Identity Card (CNIC) from wholesalers and distributors on sales of over Rs50,000. The move pitched the traders and small shopkeepers against the government.
FBR Chairman Shabbar Zaidi last month constituted a joint committee of the FBR, tax experts and the traders representative to resolve the issue at the earliest and delayed enforcement of CNIC condition on purchase of over Rs50,000 till September 30.
The CNIC condition is also binding for the consumers, as it will help the FBR track the real income of the people, FBR Chairman Shabbar Zaidi is quoted as saying in the report.
