Millat Tractors responds to Rs18bn sales tax order

MG News | February 03, 2025 at 03:29 PM GMT+05:00

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February 03, 2025 (MLN): Millat Tractors Limited (PSX: MTL) has addressed a report published in Business Recorder regarding an order of Rs18 billion related to sales tax liabilities and penalties imposed by the Federal Board of Revenue (FBR).

The company stated that this order pertains to a disclosure made on June 24, 2024.

Millat Tractors further emphasized that, in an effort to meet unrealistic tax targets, FBR has chosen to raise what the company considers unrealistic and illegal demands from existing taxpayers.

The company also stated that such actions will have a negative impact on businesses and the current investment climate, the notification issued to the local bourse.

MTL mentioned that it will avail itself of all appellate forums to contest the order and is confident that justice will prevail.

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