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Federal Board of Revenue (FBR) and Institute of Chartered Accountants of Pakistan (ICAP) have signed a memorandum of understanding (MoU) for the development of a tax audit framework for the FBR.
The MoU was signed Friday at a ceremony attended by Federal Revenue Secretary Mr. Salman Siddique, Member (Direct Taxes) FBR, Mr. Irfan Nadeem, ICAP President Mr. Asad Ali Shah and Syed Shabbar Zaidi, Council Member & Chairman Taxation Committee.
According to the MoU to be effective from July 1, 2009, the ICAP will prepare a comprehensive tax audit framework for the conduct of ‘tax audit’ function by the FBR. The institute will also advise FBR regularly on technical matters relating to tax audit and allied subject.
The MoU, to be applied for the time being to company cases only, also calls upon ICAP to work with its members and firms to participate and collaborate in conducting the audit function. Besides, ICAP will extend all possible help in devising audit strategy and mechanism for ‘non-company cases’ for the FBR.
The MoU also allows FBR to implement the tax audit framework in consultation with the Institute in a manner fitting the national interest and in line with policies and procedures as laid down by ICAP.