ISLAMABAD: Federal Board of Revenue (FBR) still to hire foreign experts to conduct tax auditing in order to eliminate tax evasion and avoidance; however, FBR is already taking services of local chartered accountants and cost and management accountants for auditing of the tax cases, it is learnt here.
Official sources told Customs Today that commissioner of Inland Revenue was authorized to call for record and conduct audit of taxpayers. The commissioner is also empowered to set up a panel of auditors for conducting specialized audit, including forensic audit and for this purpose, the commissioner is authorized to appoint foreign experts to eliminate tax evasion and avoidance to such a panel.
Official sources said that the decision was taken during last Fiscal Year 2017-18; however, the board has yet to hire foreign experts.
It is important to mention here that the government has already added the provisions into the Income Tax Ordinance, 2001 through Finance Act 2018. Under the new amendment into the ordinance, a tax audit expert of an international tax organization or a tax authority outside Pakistan can be deployed under an audit assistance program. The individual will only be included as a member in the special audit panel if an agreement of confidentiality has been entered between the board and individual, international tax organization or a tax authority.
