Tax Audit & Investigation
Tax Management, Consultancy and Advisory
Tax Audit & Investigation
- Self-assessment regime has been implemented since 2001. Taxpayers are required to compute its tax liabilities by comply with tax laws, guidelines, public rulings, practice notes issued by IRB; timely submission of tax returns, tax estimates and tax payments; document retentions of 7 years.
- The objective of tax audit is to encourage voluntary compliance of tax laws; objective of tax investigation is to discover tax evasion and under-reporting of income activities.
- Non-compliance will subject to substantial penalties.