Karachi: Following the imposition of 17% sales tax in March 2011.tractor bookings started falling. This reduction was notified in the Directors’ Report to the shareholders for the period ended March 31, 2011.
Impact of 16% sales tax on tractors, announced in the financial bill of the year 2011-12, continues to jeopardize the company’s sales. This has been spoiled further by the fall of cotton prices.
Since banks are reluctant to extend credit for tractors, cash sales are-expected to remain stagnant until the season begging September 2011. This aspect will be covered in the Directors’ Report for the half year ended June 30, 2011.
For more information, contact:
Al-Ghazi Tractors Limited
11th Floor, NICL Building,
Abbasi Shaheed Road,
Karachi- 74400. Pakistan