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Karachi tax bar seeks audit exemption for filers

Karachi tax bar seeks audit exemption for filers

KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to exempt those tax cases from audit who agree to pay 10 per cent more income tax than declared tax for 2013.

The FBR recently selected a number of cases for income tax audit for the tax year 2014.

While suggesting exemption from audit, the tax bar pointed out that audit proceedings take considerably longer due to the cumbersome process, coupled with the fact that all tax consultants are currently preoccupied with the filing of returns for the tax year 2015.

The KTBA said it would save time’ of the field officers and tax consultants who are presently working on compliance of tax returns/statements, monthly statements and Voluntary Tax Compliance Scheme (VTCS).

The tax bar also drew the FBR chairman’s attention towards the fact that immunity from audit has been given under VTCS to non-compliant taxpayers.

IIn support to its argument, the bar drew the attention of the FBR to the exclusion clause which was a part of the Audit Policy for the year 2015 in which only cases pertaining to tax year 2013 were excluded. Therefore, similar treatment could be given to cases pertaining to tax year 2014, the KTBA asserted.

The bar argued to drop all cases of exempt income from audit, particularly the audit of non-profit organisations who fall under clause (66) Part I of the Second Schedule to the Income Tax Ordinance 2001.

Courtesy : Dawn News



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