Millat Tractors to Challenge FBR’s ‘Illegal’ Rs. 18 Billion Sales Tax Liability

Millat Tractors Limited (PSX: MTL) has decided to challenge the Federal Board of Revenue’s (FBR) order of Rs. 18 billion in sales liabilities and penalties, the tractor maker informed the main bourse on Monday. “This refers to the news published in newspapers regarding Order of Rs. 18 billion in respect of Sales Tax liabilities and penalties by FBR. The said order is related to the disclosure made on June 24, 2024,” it said in the stock filing. “FBR in an endeavor to meet unrealistic Tax targets has instead of broadening the tax base, relied on raising unrealistic and illegal demands from existing Taxpayers. Such actions will have a negative impact on businesses and current investment climate,” the filing added. MTL’s scrip at the bourse closed at Rs. 670.26, down 2.52 percent or Rs. 17.31 with over 365,000 shares on Monday. The Company is principally engaged in assembling and manufacturing of agricultural tractors, implements and multiapplication products. The Company is also involved in the sale, implementation and support of IFS applications in Pakistan and abroad.