LAHORE: The tax audit of Millat Tractors Ltd (MTL) conducted by the Large Taxpayer Office (LTO), Lahore, has found major sales tax differences of up to Rs13.28 billion.
The audit of the country’s leading tractor manufacturing company has been submitted to the Federal Tax Ombudsman (FTO).
According to the reports, issuing a show-cause notice for the tax year 2022 to explain sales tax discrepancies of Rs13.28 bln, the Large Taxpayer Office has imposed a penalty of Rs5.41bn, besides a sales tax demand of Rs13.28bn to Millat Tractors Ltd.
Furthermore, the LTO Lahore informed the Federal Tax Ombudsman that the quasi-judicial proceedings are underway after the issuance of the show-cause notice under Section 11 of the Sales Tax Act 1990.
Earlier, the President of Pakistan had directed the Federal Board of Revenue (FBR) to restore the investigation against MTL into alleged inadmissible sales tax refunds of over Rs12bn for the tax period 2018-22.
The president had dismissed representations filed by the FBR and the MTL and endorsed the FTO order to initiate recovery proceedings against the company.
ISLAMABAD: In view of the increasing tension in the region and the fears of closure…
ISLAMABAD (Rizwan Abbasi): The International Monetary Fund (IMF) has projected that Pakistan’s average inflation rate…
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday strongly condemned the recent attacks on Saudi Arabia,…
KARACHI: The gold prices in Pakistan have been reduced to Rs 424,136 following a reduction…
ISLAMABAD: According to Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the new moon of…
KOHAT: A residential house collapsed due to heavy rain in the Malgin area of Lachi…