Federal Minister for Industries and Production, Syed Murtaza Mahmud, promised to discuss the issues being faced by the tractor industry with relevant ministries for their swift resolution.
He held a meeting with Chairman Millat Group, Sikander Mustafa Khan, Chief Executive Officer Millat Tractors, Irfan Aqueel, and senior directors at the offices of Millat Tractors Limited (MLT).
The minister was informed about the issues being faced by the tractor industry, especially the latest SRO 563, which was feared to force the closure of the industry.
The FBR has issued SRO.563(I) to amend the Sales Tax Rules 2006 for the issuance of new rules, i.e., “Refund to Agricultural Tractor Manufacturers.”
The Federal Board of Revenue (FBR) had decided to engage third-party auditors to conduct the cost audit of registered agricultural tractor manufacturers, who are claiming sales tax refunds.
Syed Murtaza was apprised that the MTL had a market share of more than 60 percent, which represents its customers’ satisfaction and trust in its quality, while the company has also expanded its product range.
The minister appreciated the MLT efforts for achieving more than 90 percent deletion level in tractors, resulting in saving precious foreign exchange reserves.