Sep 21

Customs officers authorized business access for audit

KARACHI: Customs officers have been authorized under customs laws to enter business premises to access records necessary for the purpose of audit. Federal Board of Revenue (FBR) issued Customs Act, 1969 updated up to June 30, 2019 incorporating amendments introduced through Finance Act, 2019. The Section 26B of the Act authorizes customs officers to access […]

by Mrs. Anjum Shahnawaz

FBR bars tax officials from entering taxpayers premises for search, audit

Sep 16

Taxation

FBR bars tax officials from entering taxpayers premises for search, audit

ISLAMABAD: Federal Board of Revenue (FBR) has barred officers of Inland Revenue from entering premises of taxpayers for search and audit purposes. The FBR issued a notification on Monday and restricted IR officers for invoking Section 175(1) of Income Tax Ordinance, 2001. The FBR received numerous complaints of taxpayers that tax officials were abusing powers […]

by Mrs. Anjum Shahnawaz

FBR to launch audit of withholding agents

Aug 27

Taxation

FBR to launch audit of withholding agents

KARACHI: Federal Board of Revenue (FBR) on Monday initiated a program of skill development of its officials to conduct system audit of withholding agents. A statement said that under the dynamic leadership of Syed Shabbar Zaidi, Chairman, FBR, a new initiative had been taken up by Faheem-ul-Haq, Director General (Withholding) and launched by Dr. Aftab […]

by Mrs. Anjum Shahnawaz

Fresh audits of PIA, Pakistan Steel to be conducted for transparency

Jul 12

Finance

Fresh audits of PIA, Pakistan Steel to be conducted for transparency

KARACHI: The federal government will conduct fresh audit of Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) in order to ensure transparency in state-owned enterprises (SOE). The audits would be initiated for improving SOE governance, transparency and efficiency. The federal government will make public the outcome of the audits by December 2019, which was […]

by Mrs. Anjum Shahnawaz

Commissioners IR empowered to conduct audit of taxpayers every year

Jun 15

2019-2020, Budget, Taxation

Commissioners IR empowered to conduct audit of taxpayers every year

KARACHI: Commissioners of Inland Revenue have been empowered to conduct audit of a registered taxpayer every year after removal of restriction through Finance Bill 2019. Through Finance Act, 2018 a restriction was imposed on offices of the Federal Board of Revenue (FBR) under which they would conduct audit of taxpayers once in every three years. […]

by Faisal Shahnawaz

FBR to target large taxpayers for detailed field audit

Jun 8

Taxation

FBR to target large taxpayers for detailed field audit

ISLAMABAD: Federal Board of Revenue (FBR) to conduct tax audits of large taxpayers, who are selected through an automated risk-based tool. According to World Bank’s updated report on ‘Pakistan Revenue Mobilization’ said that according disbursement linked Indicators (DLI) the FBR required to conduct tax audits on cases selected through an automated risk-based tool, informed by […]

by Faisal Shahnawaz

Sales Tax Act 1990: FBR may appoint special panels for audit

Apr 21

Exclusive, Taxation

Sales Tax Act 1990: FBR may appoint special panels for audit

KARACHI: Federal Board of Revenue (FBR) has been empowered under sales tax law to appoint special audit panels for conducting audit of any registered person. The updated Sales Tax Act, 1990 issued by the FBR, the Section 32A explains the powers of the revenue body for appointment of special audit panels. Section 32A: Audit by […]

by Faisal Shahnawaz

Sales Tax Act 1990: tax officials authorized to access record

Apr 19

Exclusive, Taxation

Sales Tax Act 1990: tax officials authorized to access record

KARACHI: The sales tax law has authorized tax officials to access record maintain by registered persons for the purpose of investigation and audit. According to updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR), the Section 25 explained maintenance of record by taxpayer and authority of tax department to access the […]

by Faisal Shahnawaz

AGP asked to conduct special audit of DRAP

Apr 14

Finance, National

AGP asked to conduct special audit of DRAP

ISLAMABAD: Auditor General of Pakistan (AGP) has been asked to conduct special audit of Drug Regulatory Authority of Pakistan (DRAP) for past five fiscal years. On the directives of Aamer Mehmood Kiani, Federal Minister for National Health Services, the health ministry had written a letter to AGP and requested to conduct the special audit of […]

by Mrs. Anjum Shahnawaz

Accountability framework for FBR officials suggested to make tax audit transparent

Apr 7

Exclusive, Taxation

Accountability framework for FBR officials suggested to make tax audit transparent

KARACHI: Pakistan Tax Bar Association (PTBA) has said that there should be accountability framework for tax officers in order to make audit transparent. Abdul Qadir Memon, President, PTBA in a message to PTBA Tax Journal outlined eight-point recommendations to tax authorities for making audit system more transparent in order to boost confidence of taxpayers on […]

by Faisal Shahnawaz