{"id":40390,"date":"2024-06-23T19:38:42","date_gmt":"2024-06-23T14:38:42","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=40390"},"modified":"2024-06-23T19:38:42","modified_gmt":"2024-06-23T14:38:42","slug":"millat-tractors-fined-rs5-4bn-after-sales-tax-fraud-exposed","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/millat-tractors-fined-rs5-4bn-after-sales-tax-fraud-exposed\/","title":{"rendered":"Millat Tractors fined Rs5.4bn after sales tax fraud exposed"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">LAHORE<\/span>: The <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/customs-discovers-rs-27-5-billion-in-importer-tax-fraud\/\">tax audit<\/a> of <span data-preserver-spaces=\"true\">Millat Tractors Ltd (MTL) conducted by the Large Taxpayer Office (LTO), Lahore, <\/span><span data-preserver-spaces=\"true\">has found major sales tax differences<\/span>\u00a0of up to Rs13.28 billion.<\/p>\n<p><span data-preserver-spaces=\"true\">The audit of the country&#8217;s leading tractor manufacturing <\/span>company<span data-preserver-spaces=\"true\">\u00a0has been submitted to the Federal Tax Ombudsman (FTO).<\/span><\/p>\n<p>According to the reports, issuing <span data-preserver-spaces=\"true\">a show-cause notice for the <\/span><span data-preserver-spaces=\"true\">tax<\/span><span data-preserver-spaces=\"true\"> year 2022 to explain <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/marriyum-aurangzeb-demands-immediate-refunds-of-sales-tax-to-tractor-industry\/\">sales tax discrepancies<\/a> of Rs13.28 bln,<\/span>\u00a0the <span data-preserver-spaces=\"true\">Large Taxpayer Office<\/span><span data-preserver-spaces=\"true\"> has imposed a penalty of Rs5.41bn, besides a sales tax demand of Rs13.28bn to Millat Tractors Ltd.<\/span><\/p>\n<p>Furthermore, t<span data-preserver-spaces=\"true\">he LTO Lahore informed the Federal Tax Ombudsman\u00a0that the quasi-judicial proceedings are underway after the issuance of the show-cause notice under Section 11 of the Sales Tax Act 1990.<\/span><\/p>\n<p>Earlier, <span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The president had dismissed representations filed by the FBR and the MTL and endorsed the FTO order to initiate recovery proceedings against the company.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LAHORE: The tax audit of Millat Tractors Ltd (MTL) conducted by the Large Taxpayer Office (LTO), Lahore, has found major sales tax differences\u00a0of up to Rs13.28 billion. The audit of the country&#8217;s leading tractor manufacturing company\u00a0has been submitted to the Federal Tax Ombudsman (FTO). According to the reports, issuing a show-cause notice for the tax [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":40396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6020,18933,18931,18932],"class_list":["post-40390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-federal-tax-ombudsman","tag-large-taxpayer-office-lahore","tag-millat-tractors","tag-millat-tractors-fined-rs5-4bn"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/40390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=40390"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/40390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/40396"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=40390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=40390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=40390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}