The Federal Board of Revenue (FBR) will convene computer ballot today (Thursday) for selection of cases for audit taking into account the risk-based parametric. Sources told Business Recorder here on Wednesday that the ceremony would be held at the FBR House. Finance Minister Ishaq Dar is expected to chair the ceremony. Special Assistant to Prime Minister on Revenue, Haroon Akhtar will also be present.
The representatives of chambers, tax bars and accounting bodies and FBR officers will also participate in the ballots process. The computer ballot may be conducted in respect of six categories ie corporate cases of Income Tax, Sales Tax & FED and Non-corporate case of income tax, sales tax and FED.
The Audit Policy 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. This approach will minimise chances or selection of compliant tax payers resulting in 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 FBR in broadening the tax base and in focusing on high risk areas. This can be assured through equitable tax policies where a taxpayer knows that good citizens are appreciated, the FBR said. The FBR shall conduct computer ballot on parametric basis for selection of 7.5% cases for audit out of the total income tax, sales tax and FED returns filed for Tax Year 2015 and Tax Periods ie 1st July 2014 to June 2015.
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