- Finance Bill 2024 proposes a complete revamp of Section 25 of the Sales Tax Act 1990.
- Objective: Enhance efficiency and effectiveness of tax audits, address legal interpretations, and expand tax authorities’ powers.
- Current Law: Requires obtaining records before selecting a case for audit.
- Proposed Change: Remove the requirement to call for records before audit selection.
- Commissioner’s Authority: Can direct an Inland Revenue officer to conduct an audit based on recorded reasons.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
