FBR launches scheme for closure of audit proceedings

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ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday launched closure of audit scheme to facilitate taxpayers.

 

 

The scheme has been allowed to those taxpayers, who were selected automatically for late or non-filing annual returns.

According to the FBR, the taxpayers have been given options to taxpayers, who were selected automatically and facing audit proceedings due to later filing of their income returns and asset declaration.

The FBR said that closure of audit have been allowed to taxpayers under options included:

— salary/final tax regime cases/nil turnover cases;

— loss or below taxable income cases;

— cases with taxable incomes;

— those taxpayers who pay penalty for late filing by December 31, 2018;

— a person opted to file revised income tax return by December 31, 2018 by paying additional two percent of the turnover; and

— those taxpayers who file revises income tax return by December 31, 2018 by paying 25 percent higher tax than the tax paid with return on the basis of taxable income.

The FBR advised taxpayers intending to avail the options for revision of returns, than they should apply to concerned Inland Revenue Commissioner.

The tax commissioners are bound to approve the case within three days, the FBR added.
The FBR said in case of no response, application will be automatically processed by FBR’s system on the fourth-day.

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