KARACHI: Federal Board of Revenue (FBR) has provisionally revoked the suspension of sales tax registration of M/s. Hascol Petroleum Limited on directives issued by Sindh High Court.
A communication sent to Pakistan Stock Exchange (PSX) said that the company had filed a constitution petition before the Sindh High Court against the FBR challenging the order issued by Large Taxpayers Unit (LTU) Karachi for suspension of sales tax registration of the company.
“Upon directors of the Sindh High Court, the commissioner Inland Revenue, FBR has by order May 03, 2019 provisionally revoked the suspension of the sales tax registration of the company with immediate effect,” the company said, adding that consequently the sales tax registration of the company is operative and effective as of date.
The development came as a significant relief for the company, which had faced operational difficulties following the suspension of its sales tax registration. Industry experts believe the provisional restoration will enable Hascol Petroleum to continue its business activities without major disruptions while the legal proceedings remain underway.
The company informed stakeholders that it would continue to pursue the matter before the court and comply with all regulatory requirements. Analysts said the court’s interim relief could help restore confidence among investors and business partners, as the company seeks stability in its operations amid challenges in Pakistan’s petroleum sector and broader economic environment.
