F.P. Report
KARACHI: Saquib Fayyaz Magoon, Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), has requested the Federal government to defer Computerized National Identity Card (CNIC) condition for 6 months on sale of goods to unregistered persons in view of the current economic situation created after COVID-19 pandemic.
In a statement, Mr. Magoon Said due to situation caused by the Coronavirus, all payments to exporters have been stopped and export orders canceled while and the economic activities in general slowdown. There had been a crisis of cash flow in the market, which called for deferment of condition of the CNIC. This would help improve the cash flow situation and escape another major financial crisis.
Saquib Fayyaz Magoon also requested for acceptance of sales tax returns without enforcing the condition of CNIC as in the current economic crisis, the business would depend largely on the local consumer industry, which was already facing problems due to CNIC condition.
He Referring a statement adviser on commerce, Abdul Razzaq Dawood, in which he assured that cash flow would not be affected by the Coronavirus. Hence if he wants the cash flow not affected then CNIC Condition must defer for minimum 6 Months so that business activities can be restored as usual.
Magoon pointed to the difficulties facing the businessman community over the ban on courier companies due to the lockdown, said the original document of import shipment could not be reached in the banks. So as long as the lockdown is in place, the State Bank should issue clear instructions to the banks that the EIF be approved on the copy of the document to ensure uninterrupted clearance of imported goods. Because the original documents are required for EIF approval. Due to not being provided original documents is causing constraints and importers are not able to file a GD which is causing consignment storage and shed charges.
Saquib Fayyaz Magoon appealed the Prime Minister Imran Khan that in view of the serious situation caused by the coronavirus, a directive should be issued to the State Bank that the EIF be approved on the copy of the document at the time of payment by the importers to the banks.
