Pakistan Revenue
KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies. The central bank updated the list up to December 21, 2020. State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962 Following is the […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for conducting electronic audit by officers of Inland Revenue. An amendment was introduced to Sales Tax Act, 1990 through Finance Act, 2020 under which commissioner of Inland Revenue authorized to conduct audit proceedings electronically through video link or any other facility as prescribed by the […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) has decided to authorize Commissioner Inland Revenue to select cases for audit under relevant provisions of tax laws.
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) has implemented a functional system separating functions of enforcement, audit and legal for big taxpayers. This functional system has only been introduced at the large taxpayers units (LTUs) where FBR makes assessment of taxpayers with high annual turnover. In order to implement the FBR has issued jurisdiction orders for […]
Continue Reading
KARACHI: Pakistan Tax Bar Association (PTBA) has urged the tax authorities to allow time extension to taxpayers for making compliance in audit notices of tax year 2014. In a letter sent to Ms. Nausheen Javaid Amjad, Chairperson, Federal Board of Revenue (FBR) on Friday, the PTBA urged to grant an extension of time under Section […]
Continue Reading
Tax practitioners have called for a significant reform in the income tax audit process, urging that the Federal Board of Revenue (FBR) alone should have the authority to select income tax returns for audit, withdrawing this power from the commissioners.
Continue Reading
KARACHI: Business community has advised Federal Board of Revenue (FBR) to shun conducting multiple audits of a taxpayer in a year in order to ensure ease of doing business. In its proposals for budget 2020/2021 submitted to the FBR, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that registered Tax payers receive […]
Continue Reading
KARACHI: Tax managers have suggested that audit cases should be assigned to tax officials on the basis of skills and experience. “Cases should be assigned on the basis of skill and experience of the officers as it reduces no change monitoring and enhance productivity,” according to an official document on monitoring of withholding taxes. If […]
Continue Reading
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday urged the Federal Board of Revenue (FBR) to withdraw a notification issued allowing tax offices to complete audit related to past year. In a letter to FBR Chairperson, the KTBA pointed out selection of audit through Section 214C of Income Tax Ordinance, 2001 and said that courts […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that the tax machinery conducts audit of all refund cases. “It is baseless to assume that FBR does not conduct the scrutiny. The processing of the case may take time but it is certain that all refund cases are audited,” the FBR said. In this regard, […]
Continue Reading