ISLAMABAD: New audit policy draft is in final stages of completion and soon it will be presented to the board council of Federal Board of Revenue it is learnt here.
According to sources, the FBR has decided to developed a new audit policy to conduct audit of previous five years of heavy taxpayers, 3 years of medium taxpayers and 2 years of small taxpayers.
Sources also added that 20% of heavy taxpayers, 10% of medium taxpayers and 5% from small taxpayers will be selected for audit under proposed new audit policy.
While the selection will be made according to some parameters. The audit will be completed in one year Sources also said that commissioners Inland Revenue will select atleast 1% of those who submit tax returns on yearly basis
