KARACHI: Millat Tractors Limited (MTL) on Monday decided to file petition before the President of Pakistan against the decision of Federal Tax Ombudsman (FTO).
In a statement shared with the Pakistan Stock Exchange (PSX), company stated that a decision of the FTO had been reported in the national press regarding purported inadmissible sales tax refunds to MTL.
The company said: “Millat Tractors Limited fully abides by all applicable laws of the country in its dealings. Sales Tax refunds for tractor manufacturers were governed by SRO 363(I)/2012 till April 08, 2022.
“On issuance of SRO 563(I)/2022 dated April 29, 2022 certain conditions for refunds were incorporated and given retrospective effect. MTL has already challenged the retrospective applicability of the SRO 563(I)/2022 in the Lahore High Court and Commissioner Appeals, Large Taxpayers Office (LTO), Lahore.”
It further said that the company shall file an appeal against the order of the FTO with the President of Pakistan.
