Millat Tractors refutes media claims of FBR-imposed Rs5.4bn fine

MG News | June 24, 2024 at 02:42 PM GMT+05:00

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June 24, 2024 (MLN): Millat Tractors Limited (PSX: MTL) has refuted recent media reports claiming that the Federal Board of Revenue (FBR) imposed an Rs5.4 billion fine on the company for sales tax audit discrepancies.

MTL in a notice issued to the Pakistan Stock Exchange (PSX) clarified that the said news is misreported as FBR has not imposed any such fine as of the publication date of this information.

However, FBR has issued a show cause notice to the company on Sales Tax related matters based on its interpretation.

The company is of the view that most of the matter(s) taken up in the show cause notice have already been decided by the Lahore High Court, FTO and President of Pakistan and liable to be dropped in the light of their decisions.

Moreover, other matters are against the factual position and the company likely to prevail in these matters.

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