ISLAMABAD: Federal Board of Revenue (FBR) is likely to endorse new Audit Policy for 2012 in the meeting of Board-in-Council for carrying out income tax and sales tax audit of returns filed in Tax Year 2012.
Sources said that after approval of the policy, the FBR would make separate parameters for selection of cases relating to income tax (corporate and non-corporate), sales tax (corporate and non-corporate), FED (corporate and non-corporate) cases for audit. FBR Member (Taxpayer’s Audit) would explain the Audit Policy for 2012, they added.
The meeting would discuss the risk parameters for selection of cases for audit u/s 214C of the Income Tax Ordinance 2001, Section 72B of the Sales Tax Act 1990 and Section 42B of the Federal Excise Act 2005 pertaining to tax year 2012.
The Board-in-Council is also expected to approve appointment of a Fiscal Law Expert in the FBR (HQs) to monitor and forecast revenue projections in view of realistic economic situation, prevailing import trends and ongoing business environment.
