CNIC requirement for goods purchase may get revised
Islamabad: The Federal Board of Revenue (FBR) is considering to revise the CNIC requirement for goods purchase worth PR 50,000 or more in the next budget and increase the limit to PKR 100,000 and above.
The board is working on the budget proposals these days and this revision is believed to be under consideration due to the country’s economic situation. Raising the exemption to PKR 100,000 or above will facilitate the buyers and improve the flow of money in the economy.
It is also being reported that the Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Sheikh will be briefed on the budget proposals soon by the Chambers of Commerce and Industry around the country. The shortlisted proposals will be taken by the government for consideration in the upcoming budget.
The reports suggest that the government will present the budget on June 5. However, no official announcement has been made in this regard.