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.
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Tag: audit
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 […]
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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.
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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. […]
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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 […]
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