NAB raids offices of tractor manufacturers, confiscates documents

Offices of Millat Tractor Limited and Al-Ghazi manufacturers were raided by the National Accountability Bureau on Thursday, SAMAA TV reported.

NAB officers confiscated documents and digital data from their respective offices in Karachi and Lahore after receiving reports that the companies were selling tractors on full market prices despite the government subsidy.

Last year, The Federal Board of Revenue decided to establish a Tractors Subsidy Cell for tractor manufacturers for processing of adjustment of subsidy against sales tax on locally-manufactured tractors.

The rules came into force from September 28, 2020, and were to remain in force till June 30, 2021, or till the time the amount of subsidy of Rs1.5 billion is exhausted.

“The subsidy granted, shall be allowed to be adjusted by the manufacturers of the tractors namely M/s Millat Tractors Limited, Al-Ghazi Tractors Limited, and Orient Tractors (Pvt) Limited, hereinafter, referred to as the specified manufacturers, in the specified manner,” the FBR had said in a statement.

from News – SAMAA

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