Shehbaz Sharif directs three-year review and nationwide physical stock verification amid concerns over irregularities.
(more…)Tag: audit
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FBR failed to recover Rs1.02 billion property income tax: AGP
Audit finds 472 withholding agents failed to deduct tax on rental payments across 17 FBR field offices
ISLAMABAD: The Federal Board of Revenue (FBR) has failed to recover more than Rs1.02 billion in withholding tax on income from property after hundreds of withholding agents did not deduct tax on rental payments, according to the latest audit report of the Auditor General of Pakistan (AGP).
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FBR to hire 396 more private auditors to strengthen tax scrutiny
Tax authority expands CRM-based audit system to boost compliance and revenue collection
The Federal Board of Revenue plans to hire an additional 396 private auditors by the end of June 2026 to strengthen tax scrutiny and improve compliance monitoring, according to official sources.
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FBR to introduce new audit selection parameters to raise tax revenue
Tax authority plans broader reforms to strengthen compliance and expand tax base
The Federal Board of Revenue (FBR) will develop new audit selection parameters aimed at improving revenue collection and broadening Pakistan’s tax base as the country faces persistent tax shortfalls, officials said.
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DFML Defaults Over Rs 1 Billion in Repayments: Auditor’s Report
Karachi, November 22, 2024 – An independent auditor’s report prepared by Feroz Sharif Tariq & Co. has revealed that Dewan Farooque Motors Limited (DFML) has defaulted on the repayment of long-term loans from financial institutions amounting to Rs 1.097 billion. Additionally, short-term financing facilities totaling Rs 4.096 billion have expired and have not been renewed by banks.
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FBR Tightens Screws on Tax Evaders Through Audit Changes
Karachi, August 8, 2024: In a bid to enhance tax compliance, the Federal Board of Revenue (FBR) has introduced significant changes to the sales tax audit process. The new measures, outlined in Sales Tax Circular No. 3, aim to make audits more targeted and effective.
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SBP Updates List of Eligible Audit Firms for Banks and Financial Institutions
KARACHI, October 25, 2023 – The State Bank of Pakistan (SBP) has recently made updates to the list of eligible audit firms for conducting audits of banks and financial institutions.
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Federal Tax Ombudsman Directs FBR to Conduct Audit of Banks for Withholding Tax Compliance
Islamabad, June 22, 2023: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to regularly conduct audit of banks to check compliance with the withholding tax provisions.
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FBR withdraws tax audit notices sent more than once in four years
KARACHI: Federal Board of Revenue (FBR) has withdrawn tax audit notices to taxpayers, who were selected for audit once in last four years.
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KTBA flays notices to taxpayers already audited
Karachi Tax Bar Association (KTBA) has flayed the issuance of audit notices by tax offices to taxpayers, who already selected once for audit in past four years.
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