The Board-in-Council of the Federal Board of Revenue (FBR) is likely to approve procedure for carrying out computerised random balloting for selection of audit cases for Tax Year 2013 on September 10 (Wednesday). Sources told Business Recorder here on Tuesday that the FBR Member (Taxpayers Audit) is expected to give a presentation on the "Audit Policy 2014 for Tax Year 2013/Tax Period 2013". Besides other agenda items, Board-in-Council headed by FBR Chairman Tariq Bajwa would also discuss other policy issues next week.
The Board wanted to select around 15 percent of the total tax returns for audit filed for the Tax Year/Tax Period 2013. The FBR has finalised the "Audit Policy 2014 for Tax Year 2013/Tax Period 2013." Under the new policy, the cases for audit shall be selected through random computer balloting up to the extent of 15 percent of total returns of taxpayers filed for the Tax Year/Tax Period 2013.
The random computer balloting for selection of cases for audit would be carried out separately under the Sales Tax Act 1990, Income Tax Ordinance 2001 and Federal Excise Act, 2005 and the whole process to be based on the laid down guidelines. Every taxpayer cannot be audited due to time/resource constraints. Selection of cases for audit is a significant feature of any Audit Policy, as segregation process needs logical grounds in the form of identification of risk areas and determination of the basis for audit through a transparent and fair process, sources added.
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