FBR, ICAP ink MoU for development of audit framework.\ ISLAMABAD, June 19, 2009 (Balochistan Times) --The Federal Board of Revenue (FBR FBR Friedman, Billings, Ramsey Group, Inc. (investment firm) FBR Fast Breeder Reactor FBR Federal Benefit Rate FBR Foundation for Biomedical Research FBR Foundation for Blood Research FBR Fluidized Bed Reactor ) and Institute of Chartered Accountants of Pakistan The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. It is the sole organization in Pakistan with the right to award the Chartered Accountant designation. (ICAP (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. ) have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MoU) for the development of Tax Audit Framework and its implementation. The (MoU) was signed on Friday at a ceremony attended by Federal Revenue Secretary Salman Siddique, Member (Direct Taxes) FBR, Mr. Irfan Nadeem, Institute of Chartered Accountants of Pakistan, President Asad Ali Shah For the Guantanamo captive, sometimes listed as Ali Shah, see Said Mohammed Ali Shah. Ali Hassimshah Omarshah, (known as Ali Shah, born August 7, 1959, Harare) is a former Zimbabwean cricketer who played in 3 Tests and 28 ODIs from 1983 to 1996. and Council Member and Chairman Taxation Committee, Syed Shabbar Zaidi. According to the (MoU) ICAP would prepare a comprehensive Tax Audit Framework for the conduct of Tax Audit function by Federal Board of Revenue. The framework at this stage would be for Company Cases only. The ICAP would endeavour in all manners that its members and firms participate and collaborate in conducting that function besides providing advise on regular basis, on technical matters relating to Tax Audit and allied subject. It would assist to the extent possible help in devising audit strategy and mechanism for Non-Company Cases for FBR also and the board will implement Tax Audit Framework in consultation with the institute to the extent it fit. The FBR would ensure and endeavour that implementation of tax audit function is in the national interest and in line with policies and procedure as laid by the ICAP. The (MoU) would be effective from July 1, 2009 whereas the FBR in consultation with the institute would the date of implementation of Tax Audit Plan. (THROUGH ASIA Asia (ā`zhə), the world's largest continent, 17,139,000 sq mi (44,390,000 sq km), with about 3.3 billion people, nearly three fifths of the world's total population. PULSE) |
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