No Result
View All Result
Monday, June 30, 2025
MM News
اردو
  • Home
  • Latest News
  • National
  • Showbiz
    JioHotstar has released the teaser for Sarzameen, starring Prithviraj Sukumaran, Kajol, and Ibrahim Ali Khan in a powerful patriotic thriller.

    Is Ibrahim Ali Khan & Kajol’s ‘Sarzameen’ anti-Pakistan?

    Squid Game 3 released on June 27, on Netflix.

    Squid Game Season 3: Stream it or skip it?

    file photo

    Has Alizeh Shah found her ‘Mr. Perfect’? Social media posts spark speculation

    (File Photo)

    Mehwish Hayat calls marriage a gamble, slams gendered expectations in showbiz

    Vicky Kaushal

    What did Vicky Kaushal say about Katrina Kaif’s feedback on his films?

    Sardaar Ji 3

    ‘Sardaar Ji 3’ outperforms Salman Khan’s ‘Sultan’ on opening day

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • National
  • Showbiz
    JioHotstar has released the teaser for Sarzameen, starring Prithviraj Sukumaran, Kajol, and Ibrahim Ali Khan in a powerful patriotic thriller.

    Is Ibrahim Ali Khan & Kajol’s ‘Sarzameen’ anti-Pakistan?

    Squid Game 3 released on June 27, on Netflix.

    Squid Game Season 3: Stream it or skip it?

    file photo

    Has Alizeh Shah found her ‘Mr. Perfect’? Social media posts spark speculation

    (File Photo)

    Mehwish Hayat calls marriage a gamble, slams gendered expectations in showbiz

    Vicky Kaushal

    What did Vicky Kaushal say about Katrina Kaif’s feedback on his films?

    Sardaar Ji 3

    ‘Sardaar Ji 3’ outperforms Salman Khan’s ‘Sultan’ on opening day

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Uncategorized

Shopping? Show your NIC!

Kumail Soomro by Kumail Soomro
March 24, 2022
The new law
The government’s relaxation has now lapsed and the condition to submit a copy of the NIC on every purchase above Rs50,000 is now effective from February 1. Shoppers will now have to submit a copy of the NIC on every purchase with shopkeepers, while women can submit the NIC of their father or husband which will be verified with NADRA.
The government has vowed that it will not step back from the documentation of the economy and this condition to show the NIC card will be imposed effectively on traders. This has perturbed non-tax payers who were enjoying a tax-free living as they fear a clampdown. Majority of the people in the country are tax evaders and are unable to receive any public benefit due to this pervasive system.
Traders Reaction
The business community opposed the move last year and held massive protests and strikes against the condition of the submission of the identity card. The government was compelled to negotiate with the traders as business activity was halted causing huge losses to the economy. It is estimated that the economy suffered a loss of Rs20-25 billion due as the traders refused to budge on their demand. The government eventually deferred the implementation till the end of January.
IMF Demands
Tax evasion is pervasive in Pakistan due to a weak collective system. The IMF has expressed immense concerns on the absence of a tax culture. Only 1.8 million people regularly pay taxes which the IMF states is bleeding the economy. The financial institution has said the tax system in Pakistan is not proportional as the elite class are beyond the tax net. It has called for broadening the tax net to raise further revenue for its ailing economy.
FBR’s Plans
The incumbent government is facing immense economic challenges and is taking concrete steps. Prime Minister Imran Khan brought it noted chartered accountant Shabbar Zaidi to head the Federal Board of Revenue (FBR) with the aim to revamp the tax authority and increase tax collection. This could be possible with the documentation of business transactions. The government consequently imposed a condition that the NIC should be submitted for every purchase and transactions above Rs50,000 which created immense concerns and reservations among the business community.
SBP’s Stance
The State Bank of Pakistan (SBP) has called on the need for more understanding and awareness among the business community on the condition to submit a NIC. The central bank has said the condition does not apply on unregistered buyers and households. The traders also have to note their NIC numbers and not provided a copy of the identity card.
On the other hand, the FBR has claimed that submitting the NIC is mandatory on every purchase above Rs50,000. The authority claims the purpose of this condition is to maintain a record of business transactions and impose a strong sales tax system. The FBR hopes this will increase the tax net and bring new people to the fold.
The solution
It is the fundamental duty of every law abiding citizen to pay their taxes. This is the main source of revenue for the government which is used for public expenditures and development projects.  The provision of civic amenities such as gas, water, and electricity and even social services such as public transport, health, and education is also dependent on tax revenues. There is no nation which can progress without its citizens paying taxes. It is in fact the hallmark of developed and prosperous society.
The main purpose of tax reforms is not impose any further burden on an increasingly indebted common man but rather bring tax evaders to the tax net. This requires strict and effective policies so that people who avoid paying taxes can fulfill their national responsibility. The public need to realise that pay taxes is a national obligation to reduce foreign debts and move the economy forward. The government will have to earn the public’s trust which requires that tax system should be simple and transparent.
Tags: evasionFBRmm newsmm tvnicpurchaseTAXTax Evasion
ShareTweetSendShare
Previous Post

Five kite makers arrested in Faisalabad

Next Post

Pakistani teen listed among richest gamers in the world

Related Stories

Justice Sardar Muham­mad Sarfraz Dogar
Uncategorized

Justice Dogar notified as senior-most IHC judge in revised seniority list

June 29, 2025
File photo
Business & Stock

FBR, banks to share data to curb tax evasion

June 26, 2025
File photo
Uncategorized

MDCAT 2025: Expected entry test date in Pakistan announced

June 25, 2025
File photo
Uncategorized

Hunza’s Lexus hotel hit by flash flood

June 25, 2025
File photo
Uncategorized

Malala Yousafzai launches ‘Recess’ to empower women and girls through sports

June 25, 2025
Representational image
Transport

Monsoon rains: PAA issues advisory to pilots over birds

June 25, 2025
SC
Uncategorized

Supreme Court reduces LLB duration to four years

June 25, 2025
File photo.
Uncategorized

SUPARCO predicts Muharram 2005 moon sighting date in Pakistan 

June 24, 2025
(File Photo)
Uncategorized

Actor Yasir Nawaz’s brother Waqar Nawaz passes away

June 24, 2025
In this file photo, a man walks along a dried-up stretch of land in Balochistan. (Image: Asim Khan via Dawn.com)
Uncategorized

Asia warming nearly twice as fast as global average: report

June 24, 2025
Next Post

Pakistani teen listed among richest gamers in the world

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Stories

FILE/ People rally demanding the release of Aafia Siddiqui, who was convicted in February 2010 of two counts of attempted murder. The man who authorities say was holding hostages inside a Texas synagogue on Saturday, Jan. 15, 2022, demanded her release.Fareed Khan/The Associated Press
Top News

Pakistan refuses to become a party in Aafia Siddiqui case in US

by MM News Staff
June 30, 2025
Ahmed Iqbal, Hanzila Bin Younas, Khalil Ur Rehman, and Abdullah Asif (Image: PTV)
Thought Box

Pakistani students win Google Challenge Award 2025 for satellite analysis tool

by MM News Staff
June 30, 2025
(Representational Image)
Crime

Karachi TikToker siblings arrested in Rs130 million robbery case

by MM News Staff
June 30, 2025
(File Photo)
Sports

Azhar Mahmood appointed as Pakistan’s interim Test coach

by MM News Staff
June 30, 2025
(File Photo)
Business & Stock

PSX crosses 125,000 points amid economic optimism

by MM News Staff
June 30, 2025

Opinion

Munir-Ahmed
Portugal and Pakistan: Building a Bilateral Bridge in a Fractured World
June 29, 2025
- Munir Ahmed
munir ahmed oped
A Peace Prize for Betrayals: Rethinking Pakistan’s Strategic Alliances
June 28, 2025
- Munir Ahmed
munir ahmed oped
“Run Lola Run” – More than a movie to cultural bridging
June 27, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

(File Photo)
Top News

Weather forecast for Karachi today

by MM News Staff
June 30, 2025

The Pakistan Meteorological Department (PMD) has predicted partly cloudy and humid weather for Karachi...

Rain

Monsoon showers hit Karachi, more rain expected in coming hours

June 28, 2025
file photo

Showers continue across Karachi, bringing relief from the heat

June 27, 2025
file photo

Will Karachi receive more rain today?

June 27, 2025
See all

Prices

Prices

Rs1.15 per unit cut likely in power tariff

by MM News Staff
June 30, 2025

The federal government has submitted an application to the National Electric Power Regulatory Authority...

Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)

Latest prices of solar panels in Pakistan – June 2025

June 29, 2025
representative image

Latest gold prices in Pakistan today- June 29, 2025

June 29, 2025
representative image

Gold prices further drop in Pakistan

June 28, 2025
See all

Transport News

(APP)
Transport

Rs150 billion approved to make Rawalpindi a ‘signal-free’ city

by MM News Staff
June 29, 2025

The Punjab government has approved a record-breaking development package worth Rs.150.0 billion for Rawalpindi...

file photo

Pakistan set to launch train service from Lahore to Russia next month

June 29, 2025
Maryam Nawaz

Maryam Nawaz orders 240 electric buses for South Punjab districts

June 28, 2025

Two planes avoid major accidents following bird strikes at Karachi airport

June 27, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.