Pakistan Revenue
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 […]
Continue Reading
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 […]
Continue Reading
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 […]
Continue Reading
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 […]
Continue Reading
KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. According to risk parameters for selection of audit under Audit Policy 2018, the FBR selected audit cases through computerized balloting of those registered persons whose […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued Audit Policy 2018 and excluded salary persons from selection of audit. The following exclusions have been identified and approved by the Board under relevant rules where selection for audit by the Board is not required. Income Tax i. All cases already selected for audit by the […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases. The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001. The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax […]
Continue Reading
ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019. The balloting will be conducting for audit selection of income tax returns filed for tax year 2017. Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of […]
Continue Reading
KARACHI: State Bank of Pakistan (SBP) hosted a seminar on ‘Internal Audit: Emerging Challenges and Effective Practices in Central Banks’ under the aegis of SAARCFINANCE Forum at National Institute of Banking and Finance, Islamabad during 27-29 March 2019, a statement said on Saturday. Besides Pakistan, officials from SAARC central banks participated in the event. Qasim […]
Continue Reading
KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. According to updated Income Tax Ordinance, 2001 recently issued by the Federal Board of Revenue (FBR), Section 178 explained the powers of Commissioner IR. Section 178: Assistance to Commissioner “Every Officer of […]
Continue Reading