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FBR sends audit notices to Pakistan textile exporters
May '12
Pakistan's Federal Board of Revenue (FBR) has sent audit notices to various textile exporters, more than a month before the current financial year is to end on June 30, 2012.

Pakistan Hosiery Manufacturers and Exporters Association (PHMA) said the audits of its member companies are complete up to 30 June 2011 and they have also received audit certificates for the same.

The association said that FBR has now sent audit notices to its members directing for audit.

The audit exercise is for a small amount considering that the refund amount involved is only 0.8 percent to 1.5 percent of the total export value.

The PHMA members are zero-rated for utilities and they file their returns every month.

PHMA claimed that small exporters who have not yet claimed their refund amount, which varies between Pk Rs. 5000 and Pk Rs. 10,000 per month, have also been sent audit notices.

Fibre2fashion News Desk - India

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