Finance

CNIC Condition Must Go for Being Counterproductive: Irfan Iqbal Sheikh

Karachi, May 11, 2022: Mr. Irfan Iqbal Sheikh, President FPCCI, has categorically demanded that CNIC Condition needs to be withdrawn in the upcoming Federal Budget 2022 – 23 and the Finance Act 2022 for being counterproductive as it has failed to generate more taxes; but, given a rise to the use of flying invoices and fake documentation.

Nowhere in the world, a buyer is asked to submit their NIC while making a purchase and the conditionality defies every administrative, regulatory, operational, commercial and economic sense, he added.

Mr. Irfan Iqbal Sheikh maintained that the introduction of CNIC Condition was merely a part of political sloganeering at the cost of the economy and now the same vested interests are propagating for its continuation; whereas, they have no understanding of the ground realities of business, industry and trade.

Mr. Irfan Iqbal Sheikh added that FPCCI has also briefed Mr. Miftah Ismail, Federal Minister for Finance & Revenue, on the issue and how it is hampering the economic and commercial activities in the country.

FPCCI Chief explained that this condition negatively affects the production and market sales of the businesses in Pakistan. He recalled that Chairman FBR visiting FPCCI did concede that due to the condition of CNIC there has been a drop in sales tax collection, during his visit in the year 2021.

President FPCCI has added that the only workable solution to generate more taxes is to present a business-friendly and pro-growth budget in consultation with the stakeholders, i.e. businessmen, traders and industrialists.

Mr. Irfan Iqbal Sheikh has reiterated, as President of the apex body, his resolve to play his mandated role of creating bridges and promoting cooperation between the business community and the government &its regulators from the platform of FPCCI.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
Close