Traders end strike, Government relaxes conditions

The Mint PK

Comprehensive source of Business, Lifestyle and Technology news from Pakistan


Traders end strike, Government relaxes conditions

The Trader community called off the shutter-down strike on wednesday after reaching consensus on eleven-points with the government.

The business community and Traders have called the strike on Tuesday against the imposition of taxes and presentation of CNIC copy for buying and selling products up to Rs. 50,000.

The Government and Business community have agreed upon the following points:

  • The condition for a computerised national identity card (CNIC) for Rs50,000 purchase will remain in place but any action against its violation has been delayed till January 31, 2020
  • The Traders with an annual sales volume of Rs100 million would now have to pay a tax of 0.5% of the turnover instead of 1.5% of the turnover. The same trader is now not required to become withholding agents
  • The minimum limit for Sales Tax registration is now increased to Rs. 1.2 million Annual electricity bill as compared to the previous limit of Rs. Rs600,000
  • It is also agreed to review the rate of turnover tax for sectors with low-margins.It is also agreed to resolve the issues of jewellers on priority basis and in consultation with their associations
  • Government will introduce simple tax filing forms in Urdu for registration of new traders and Other tax Filings
  • Government also agreed to consult with traders committee to decide grant of exemption in sales tax to a small shop of up to 1,000 square feet

Comment here