The Federal Board of Revenue (FBR) has finalised the new Audit Policy 2016 and ballot for selection of cases for audit is expected to be carried out at the FBR House next week. Sources said that Finance Minister Muhammad Ishaq Dar is likely to attend the function of balloting for selection of cases for audit at the FBR House.
The FBR has finalised the new audit policy for the year 2016 and the ballot for selection of cases for audit will be done soon. In the past, the selection of cases for audit was done mostly through random ballot. The "Audit Policy' Tax Year-2016, has proposed a paradigm shift from the past. Its focus has been realigned from random to parametric selection and from general to risk-based approach. The approach will minimise chances of selection of complaint tax payers resulting in the increased confidence in the system.
This new trend in taxpayers' audit will not only promote compliance with the existing tax laws, but will also generate increased revenues through better declarations for better public spending by the government.
The right audit approach will help the FBR in broadening the tax base and in focusing on high risk areas.
This can be assured though equitable tax policies where a taxpayer knows that good citizens are appreciated.
Comments
Comments are closed for this article.