KARACHI: Al-Ghazi Tractors Limited (AGTL) has requested Federal Board of Revenue (FBR) Anomaly Committee to remove the anomaly that is resulting in huge liquidity challenges and considerable financial cost for tractor industry.
In a letter sent to the committee by the company, it was stated that due to liquidity issue faced by the Government, sales tax refunds are not being released in a timely manner i.e. three days from the claim sanctioned, instead, due refunds are released in tranches with delay of several months. As of today, more than Rs 5 billion of Tractor industry are stuck up with FBR.
"The Company is currently facing liquidity challenges and incurring huge financial cost due to non-refunded AGTL's due sales tax refunds by the authority to the tune of Rs 2.3 billion approx." AGTL also requested FBR to issue the refunds of over Rs 5 billion to the tractor manufacturers to resolve their liquidity crisis.
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