Purchases Made of Rs50,000 or Above Will Require CNIC
CNIC has been mandatory on purchases made of Rs50,000
The Federal Board of Revenue has made it mandatory for every buyer to show their CNIC before making a purchase of PKR 50,000. If the purchase does not exceed PKR 50,000 then there’s no need to show CNIC.
If a female is purchasing goods worth of PKR 50,000 then they will have to show CNIC of either their husband or their father. This applies to ordinary people as well as businessman in order to keep a check and regulate business-to-business transactions.
This condition will help keep documentation and also regulate all the sales taxes as there were many unidentifiable identities making purchases and not paying any taxes which would result in losses.
If the CNIC is proved to be incorrect and not fake then there will not be any penalty is the purchase is done in good faith. No action will be taken against the seller in this regard. No penalty on the seller as well but if the purchaser carries a fake id then there will be penalty.
This condition will help avoid, unverifiable and fictitious business buyers which results in huge sales tax losses in the value chain.
