Al-Ghazi Tractors faces challenges in continuity of its operations as govt holds up its tax refunds
MG News | January 07, 2019 at 04:05 PM GMT+05:00
January 7, 2019 (MLN): Al-Ghazi Tractors Limited has issued its standpoint regarding news items inferring that the company is facing challenges in continuity of its operations. In a recent notification issued on Monday, the company revealed that it is currently facing liquidity challenges and incurring huge financial cost due to hold up of its due sales tax refunds by the authority to the tune of Rs. 2 billion approximately.
“It is to be noted that tractor industry has though experienced a decent growth during last couple of years, the current market has recently shown comparatively a declining trend adding pressure on the industry,” the notification added.
In order to meet these challenges of the current situation to bring out good operational results, the company looks towards the Government for immediate release of its legitimate funds. This will help the company to avoid any undue exposure and expense to business operation.
“The management believes that there are no doubts upon the Company’s ability to continue its operations” the Company Secretary Muhammad Babar Khan stated.
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