PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION

37-H, BLOCK-6 P.E.C.H.S., KARACHI-PAKISTAN

TEL: 0092-21-34522769, 34522685, 34544765 FAX: 0092-21-34543774

E-MAIL: info@phmaonline.com URL www.phmaonline.com

Ref. No. PHMA/Cir-101/2014

Dated: 23^rd December, 2014

TO ALL MEMBERS OF THE ASSOCIATION

AUDIT NOTICES TO TAXPAYERS WITHIN FTR

Consequent to meeting of Mr. M. Zubair Motiwala, Mr. M. Jawed Bilwani and Mr.Junaid Makda along with President, KCCI, Mr. Iftikhar A. Vohra with Federal Finance Minister, Mr. Ishaq Dar, we are enclosing herewith KCCI letter dated 15^th November, 2014 on the subject which is self explanatory and FBR reply dated 8th. December, 2014 vide which you will find that "exemption of FTR cases from Audit under Audit Policy, 2014 that such exclusion / exemption from Audit to FTR cases is available to the extent of Income Tax only. The Audit Policy does not provide for any exclusion from Sales Tax Audit to cases falling in FTR under Income Tax Ordinance, 2001.”

THIS IS FOR THE INFORMATION OF ALL OUR VALUED MEMBERS.

Thanks & Best Regards,

Yunus Bin Aiyoob

Secretary General