FBR urged to allow time extension making audit notice compliance

Jun 27

Taxation

FBR urged to allow time extension making audit notice compliance

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 […]

by Mrs. Anjum Shahnawaz

Tax officials’ power to select income tax return for audit should be withdrawn

Jun 8

Budget 2020-2021, Taxation

Tax officials’ power to select income tax return for audit should be withdrawn

KARACHI: Tax practitioners have recommended that the selection of income tax returns for audit should be rest only with the Federal Board of Revenue (FBR) and powers of commissioner in this regard should be withdrawn. “The power to select the return of income may rest only with the FBR under Section 214C of the Ordinance,” […]

by Mrs. Anjum Shahnawaz

May 15

Budget 2020-2021, Trade & Industry

FBR should shun multiple tax audits

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 […]

by Mrs. Anjum Shahnawaz

Audit cases should be assigned to tax officials on basis of skills

Feb 20

Taxation

Audit cases should be assigned to tax officials on basis of skills

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 […]

by Mrs. Anjum Shahnawaz

FBR urged to withdraw date extension notification for audit completion

Feb 5

Taxation

FBR urged to withdraw date extension notification for audit completion

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 […]

by Mrs. Anjum Shahnawaz

Feb 4

Taxation

FBR conducts audit of all refund cases

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, […]

by Mrs. Anjum Shahnawaz

FBR empowered for closure of automatic audit selection

Jan 4

Taxation

FBR empowered for closure of automatic audit selection

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to conclude cases which were automatic selected for audit. The recently promulgated Tax Laws (Second Amendment) Ordinance, 2019 empowered the FBR to issue procedure to conclude cases that were automatically selected for audit. In its commentary, PwC A F Ferguson Chartered Accountants said that through the […]

by Mrs. Anjum Shahnawaz

Post refund divisions to be set up at RTOs/LTUs to audit claims

Oct 23

Exclusive, Taxation

Post refund divisions to be set up at RTOs/LTUs to audit claims

ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs). According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division […]

by Mrs. Anjum Shahnawaz

FBR to launch new audit framework next week: Shabbar Zaidi

Sep 27

Taxation

FBR to launch new audit framework next week: Shabbar Zaidi

Syed Shabbar Zaidi, Chairman of the Federal Board of Revenue (FBR), revealed on Friday that a new audit framework is set to be introduced next week, aiming to streamline tax procedures and enhance ease of compliance for taxpayers.

by Mrs. Anjum Shahnawaz

FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

Sep 25

Taxation

FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

ISLAMABAD: Federal Board of Revenue (FBR) has launched monitoring of sales tax and federal excise duty following huge gap detected in indirect revenue collection. “There appear to be a big gap between actual collection of sales tax / federal excise and its true potential,” the FBR said in a communication sent to all Chief Commissioners […]

by Mrs. Anjum Shahnawaz