ISLAMABAD: President Arif Alvi has asked the Federal Board of Revenue (FBR) to restore multi-billion inadmissible sales tax refunds of over Rs12 billion through benami transactions during the tax year 2018-2022.
The president directed FBR to reopen the investigation into M/s Millat Tractors Ltd (MTL), the company is under scrutiny for allegedly obtaining an inadmissible sales tax refund.
This move by the president highlights the government’s commitment to combatting financial irregularities and ensuring transparency in the tax system.
Briefing newsperson, Advisor Legal Almas Ali Javinda, Advisor Sales Tax Muhammad Nazim Saleem, and Advisor Income Tax Muhammad Naseer Butt have explained the president’s decision to dismiss representations filed by the FBR and the MTL.
These advisors have confirmed that the president has endorsed the order of the Federal Tax Ombudsman (FTO), paving the way for the initiation of recovery proceedings against the company.
Published in Dawn, November 16th, 2023