FBR’s Meeting to Discuss Audit Policy for Tax Year 2019 Canceled

The meeting of the Board-in-Council of the Federal Board of Revenue (FBR) with the main agenda item of approval of the draft audit policy for the tax year 2019 was canceled that was to be held on Tuesday.

The Board-in-Council is the highest forum of the FBR, empowered to take policy decisions on taxation matters.

The agenda item of approval of the draft audit policy for the tax year 2019 has been deferred and was not presented by FBR Member Audit before the Board-in-Council meeting on November 22.

In view of the departmental accounts committee (DAC) meeting, FBR Member Audit and Accounting did not participate in the 4th Board-in-Council meeting, which was later deferred to the next date.

Under the Finance Act 2022, the provisions of sections 177 and 214C shall not apply to a person whose income tax affairs have been audited in any of the four preceding tax years, provided that the Commissioner may select a person under section 177 of the Income Tax Ordinance 2001 for audit with the approval of the Board, it added.

The notification for the delegation of powers under clause (105A) of Part IV of the Second Schedule of the Income Tax Ordinance 2001 requires the approval of the Board-in-Council.