(BRA) Legal Opinions Regarding Other Sales Tax Issues

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced.
There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals

Provide last year’s tax return
Analyze situation and project tax savings
Deliver contract outlining fees
Gather additional information
Research and analysis; and
Implement tax saving strategies

A tax audit is an examination into the background of tax related transaction to confirm that these are correctly calculated, paid and recorded. Since today’s dynamic environment both business and individuals have to conform with numerous taxation and other laws so a tax audit actually ensures compliance in order to minimize tax risk exposure to the client.

The primary purpose of a tax audit is to make certain that books of Accounts have been maintained in agreement with the provisions of the Income Tax Ordinance 2001:

• Ensure that audit has effectively curbed Tax Evasion and ensures Tax Compliance;

• It enhances the reliance of stakeholders

• Helps in improved tax planning

How the audit proceedings are conducted are as follows:-
The Commissioner may call for any record or documents including books of accounts maintained under this Ordinance or any there law for the time being in force for conducting audit of the income tax affairs of the person and where such record or documents have been kept on electronic data, the person shall allow access to the Commissioner or the officer authorized by the Commissioner for use of machine and software on which such data is kept and the Commissioner or the officer may have access to the required information and data and duly attested hard copies of such information or data for the purpose of investigation and proceedings under this Ordinance in respect of such person or any other person:

Provided that

(a) the Commissioner may, after recording reasons in writing call for record or documents including books of accounts of the taxpayer; and

(b) the reasons shall be communicated to the taxpayer while calling record or documents including books of accounts of the taxpayer:

Provided further that the Commissioner shall not call for record or documents of the taxpayer after expiry of six years from the end of the tax year to which they relate.
`{`(2) After obtaining the record of a person under sub-section (1) or where necessary record is not maintained, the Commissioner shall conduct an audit of the income tax affairs (including examination of accounts and records, enquiry into expenditure, assets and liabilities) of that person or any other person and may call for such other information and documents as he may deem appropriate.`}` (3) After completion of the audit `{` `}`, the Commissioner may, if considered necessary, after obtaining taxpayer’s explanation on all the issues raised in the audit, amend the assessment under sub-section (1) or sub-section (4) of section 122, as the case may be.

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced.
There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals:

• Provide last year’s tax return;
• Analyze situation and project tax savings;
• Deliver contract outlining fees;
• Gather additional information;
• Research and analysis; and
• Implement tax saving strategie

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