KARACHI: Millat Tractors Limited (MTL) has stopped production indefinitely due to lack of clarity over taxation issues. In a statement to the Pakistan Stock Exchange (PSX) on Thursday, the company said, “This is to inform all stakeholders that GST on tractor is 10 per cent and that on all input raw materials is 18 per cent, resulting into a continuous stream of refunds. The government has not issued any mechanism for refund claims payments so far, despite MTL seeking clarification. Resultantly, MTL is now constrained to stop production till further notice.”
Millat Tractors is a Pakistani agricultural machinery manufacturer based in Lahore. Founded in 1964, it is the manufacturer of Massey Ferguson tractors in Pakistan with a production capacity of 40,000.
A view of the K-Electric head office in Karachi. — K-Electric website/FileKARACHI: K-Electric has become...
This image taken on February 21, 2024, shows a user opening a digital application Easypaisa on his mobile phone in...
An image of a JS Bank branch in Karachi.— Facebook@JSBank/FileKARACHI: JS Bank has enhanced its collaboration with...
An undated file image of a woman wearing gold bangles. — AFP/FileKARACHI: Gold prices remained unchanged in the...
US President Donald Trump looking out of a window. —AFP/FileLONDON: Global stock markets diverged on Wednesday as...
People walk around the Financial District near the New York Stock Exchange in New York, US, December 29, 2023....
