Federal Board of Revenue has issued its “TAXPAYERS’ AUDIT POLICY- 2017”
- It envisages changes in the method of selection of cases. The new approach may minimize chances of selection of compliant tax, which will help building the confidence of the tax payers in the Audit System.
- It has been mentioned in this policy that tax payer once selected for audit will not be selected for audit for next (consecutive) two tax years under section 214C of the Income Tax Ordinance, 2001, under section 72B of the Sales Tax Act, 1990 and 42B of the Federal Excise Act, 2005 respectively.
- Base year would be Tax Year 2015 for Income Tax & Tax Periods July 2014 to June 2015 for Sales Tax & Federal Excise Duty.
- FBR shall conduct computer ballot on parametric basis for selection of 7.5% cases for audit out of the total filers after exclusions in Income Tax, Sales Tax and FED returns filed for Tax Year 2016 and Tax Periods i.e. July 2015 to June 2016.
Please click below to read the complete policy.