Federal Board of Revenue (FBR) and Institute of Chartered Accountants of Pakistan (ICAP) have signed a memorandum of understanding (MoU) for the development of Tax Audit Framework and its implementation. The MoU was signed on Friday at a simple ceremony attended by Federal Revenue Secretary Salman Siddique, Member (Direct Taxes) FBR, Irfan Nadeem, Institute of Chartered Accountants of Pakistan, President Asad Ali Shah and Karachi-based leading tax expert Syed Shabbar Zaidi, Council Member and Chairman Taxation Committee.
According to the MoU, Institute of Chartered Accountants of Pakistan will prepare a comprehensive 'Tax Audit Framework' for the conduct of 'Tax Audit' function by Federal Board of Revenue (FBR). The framework at this stage shall be for 'Company Cases' only.
The Institute of Chartered Accountants of Pakistan (ICAP) will endeavour in all manners that its members and firms participate and collaborate in conducting that function. The ICAP will 'Advise' on regular basis, on technical matters relating to Tax Audit and allied subject.
The Institute of Chartered Accountants of Pakistan will assist to the extent possible help in devising audit strategy and mechanism for 'Non-Company Cases' for Federal Board of Revenue also; and the Federal Board of Revenue will implement Tax Audit Framework in consultation with the institute to the extent the Federal Board of Revenue deems it fit, and shall ensure and endeavour that implementation of tax audit function is in the national interest and in line with policies and procedure as laid by the Institute of Chartered Accountants of Pakistan
The MoU shall be effective from July 1, 2009 and Federal Board of Revenue shall determine in consultation with the Institute the date of implementation of 'Tax Audit Plan.-PR
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