ISLAMABAD: Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan has directed the board members to give their input regarding the parameters for selecting cases for audit to Member Taxpayers Audit within two days so that the Audit Policy is finalized at the earliest.
The meeting was chaired by the chairman and attended by the member Taxpayers Audit Rana Seerat, member IR Operation Dr Muhammad Irshad, Member Accounting Seema Majid, Member Admin Muhammad Majid Qureshi, Member IR Policy Rehamat Ullah Khan Wazir, Member Customs Nasir Masroor Ahamed, Member Legal Muhammad Ali Indhar Member FATE Ms. Nausheen Javaid Amjad, Member SPR&S &IT Dr. Muhammad Iqbal,SA to Chairman Zubair Amjad Tiwana and Chief Admin Secretary BIC Dr Tariq Ghani.
During the meeting member Taxpayers Audit Rana Seerat made a detailed presentation on the draft Audit policy 2016. The members were informed that in a previous year tax year 2011, parametric audit selection was carried out. However, for Tax years 2012, 2013 and 2014 Random Audit Selection was made. litigation history of Parametric and Random Audit Selection was also discussed and decisions given by the courts were shared with the Members.
The chairman emphasized that Audit Policy .2016 may be based upon world best practices and should not suffer from any legal deficiency so as to give rise to any unnecessary litigation. Member Taxpayers Audit also highlighted the various parameters and the “exclusions” which needed to be considered before Audit Policy 2016 is finalized. After through deliberation and input from all the Members, it was unanimously decided by the Board-In –Council that Parametric Audit Selection be carried out for the year under Consideration.
