MTL clarifies Rs. 18 Billion tax order by FBR, citing unrealistic demands

On 03/02/2025, Millat Tractors Limited (MTL) disclosed the following material information.

In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, we hereby convey the following information:

“This refers to the news published in Business Recorder 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. 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 Tax payers.

Such actions will have a negative impact on businesses and current investment climate.

The Company shall avail all appellate forums to contest the order and is confident that justice will prevail.”