Pakistan’s traders have called off their strike after striking an agreement with the government on Tuesday.
The government has agreed to defer the new condition requiring them to provide CNICs on transactions over Rs50,000 for three months at least. After three months, the representatives of the government and traders will sit down to discuss the condition once again.
This comes as a sigh of relief for many traders who were worried about revealing their data to government organisations. Many complained that showing their CNICs would mean that their data could be leaked easily and they will be asked to pay a bribe to different officers.
Alongside, it has been decided that the traders with sales of over Rs100 million will pay a turnover tax of 0.5% as opposed to 1.5%. The tax will be even less for small traders.
The clause for the sales tax registration has been modified too. Now, the limit of the electricity bill for the registration has been increased from Rs0.6 million to Rs1.2 million.
The government has even agreed to print tax returns forms in Urdu for new registrations.
Committees comprising representatives of the trading community will be formed on the federal and province level. These committees will help solve problems being faced by the traders.
The traders staged a country-wide strike on Tuesday and Wednesday.