Pakistan Stock Exchange Clarifies Misreporting on Millat Tractors Sales Tax Fine

Karachi, 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, a significant clarification has been issued regarding the misreported financial dispute involving Millat Tractors Limited. Recent publications, including an article in “Daily Dawn,” inaccurately reported that the Federal Board of Revenue (FBR) imposed a fine of Rs. 5.4 billion on Millat Tractors for discrepancies found during a Sales Tax Audit.

According to information available from the Pakistan Stock Exchange (PSX), the FBR has not levied any such fine against Millat Tractors as of the date of this release. Instead, the FBR has issued a show cause notice to the company concerning various sales tax matters, which it interprets differently. Millat Tractors contends that several issues addressed in the notice have previously been resolved in their favor by decisions from the Lahore High Court, the Federal Tax Ombudsman (FTO), and the President of Pakistan. The company firmly believes that these matters should be dismissed based on these authoritative decisions.

Furthermore, Millat Tractors argues that the remaining concerns highlighted in the show cause notice contradict factual evidence and is confident in a favorable outcome regarding these disputes. The management of Millat Tractors has been directed to inform all Certificate Holders of the Exchange about these developments to prevent any misinformation affecting investor sentiment and stock performance.