Muhith proposes to curtail NBR’s power to audit taxpayers’ returns

The government plans to introduce a system to curtail NBR’s authority to audit tax returns submitted under universal self assessment scheme showing the income 20 per cent higher than the previous year.
Finance Minister AMA Muhith proposed this while placing his budget for fiscal year 2014-15 in parliament Thursday.
He said that it is important to build mutual trust between taxpayers and tax administration to augment revenue collection.
He said the return of the same taxpayer can’t be audited for more than once in three years unless there is any complaint of irregularities.
“Same procedure will be applied to selection for audit in VAT returns,” he added.