Daily Times

In the upcoming Federal Budget 2022-23 and the Finance Act 2022, FPCCI President Irfan Iqbal Sheikh has categorically demanded that CNIC Condition be withdrawn because it has been counterproductive in that it has failed to generate more taxes but has given rise to the use of flying invoices and fake documentation. Furthermore, he pointed out that the need for customers to provide their NICs as part of the purchasing process is unique and violates all logic in the realms of business operations and administrative regulation. 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.

Irfan Iqbal Sheikh added that FPCCI has also briefed 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 concede that due to the condition of CNIC there has been a drop in sales tax collection, during his visit in the year 2021.