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.
KARACHI: Federal Board of Revenue (FBR) has withdrawn tax audit notices to taxpayers, who were selected for audit once in last four years.
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.
ISLAMABAD: The Federal Board of Revenue (FBR) has launched forensic audit of Web Based One Customs (WeBOC) to determine the accuracy and correct application of duty and taxes. In order to conduct forensic audit, the FBR invited firms for the assignment to conduct audit of the internal controls of WeBOC system for quality assurance for … Read more
Pakistan Tax Bar Association (PTBA) has expressed concerns over decisions of the authorities to conduct audit of taxpayers through external auditors. In a statement, the apex tax bar of the country, expressed concerns over the decision taken by the Federal Board of Revenue (FBR) regarding the assignment of cases of Income Tax, Sales Tax and … Read more
KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets. He was addressing the members of Overseas Investors Chamber of Commerce and Industry (OICCI), during his visit to Karachi. The finance minister added that the government withdrew … Read more
ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday said that the government has decided to introduce the Universal Self-Assessment for engaging a third-party approach to conduct the audit of 15 million potential taxpayers. Addressing the National Assembly, for approval of budget 2021-2022, he said: “the government has collected the information of these people from their electricity … Read more
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR issued SRO 835(I)/2021 dated June 29, 2021 to make amendments in the Income Tax Rules, 2002. A new rule 231FA has been inserted into the Income Tax Rules, 2002 to … Read more
KARACHI: Karachi Tax Bar Association (KTBA) on Friday said that after intervention of the Federal Board of Revenue (FBR) many audit cases have been withdrawn from IRIS Portal, which were initiated under Section 122(5) of the Income Tax Ordinance, 2001. KTBA President Muhammad Zeeshan Merchant in a letter to Chief Commissioners of tax offices located … Read more
KARACHI: Finance Minister Shaukat Tarin has announced that tax audits to be done by third party. Further it has been decided to launch universal self assessment scheme (USAS). “I want to remove harassment by FBR. Although there are good people at FBR but there are also some troublemakers. Hence, we have agreed upon Universal Tax … Read more