Latest news with #424
Business Recorder
24-05-2025
- Business
- Business Recorder
Pakistan budget 2025-26: Rs2.8 trillion defence budget proposed citing ‘war-like situation' with India
With Pakistan scheduled to unveil its federal government budget for fiscal year 2025-26, Tola Associates, a tax advisory and consultancy firm, has proposed to raise the defence budget to Rs2.8 trillion, reflecting a 32% increase as compared to the last fiscal, owing to a 'war-like situation' with neighbouring India. The tax advisory firm gave the proposal in its report 'Budget 2025-26 a rare catalyst for course correction', released on Saturday. 'The budgeted defence expenditure stood at Rs2,122 billion for FY25 while the actual expenditure till March 2025 was Rs1,424 billion. [However], due to the ongoing war situation with the neighbouring country, defence spending may increase by up to 50% in the Q4FY25,' read the report. The firms noted that in the previous three years, defence expenditure in the last quarter accounted for 36% of the annual total defence expenditure made throughout the fiscal year. Pakistan budget 2025-26: expenditure likely to fall by massive Rs2 trillion, says report 'Given the current regional tensions and the need to ensure Pakistan's defence preparedness, we estimate total defense spending to reach Rs2.4 trillion by June 2025.' Moreover, it also proposed to enhance the defence budget to Rs2.8 trillion in FY26, reflecting a 32% increase when compared with the outgoing FY's budget, 'due to the war situation with the neighbouring country and the new recruitment of army personnel'. In its report, Tola said that the upcoming budget serves as a great opportunity for course correction. 'It is a rare catalyst to realign the direction of our economy.' It said that the upcoming budget theme should focus on creating a balance between stability and economic growth. 'Therefore, economic and fiscal reforms should be framed in a manner that puts the economy on a path of steady growth.' Tola estimate the budget expenditure for FY26 to be around Rs17.2 trillion, lower than the Rs18.9 trillion budgeted by the government in FY25. The decline in expenditure comes amid an expected reduction in markup payments, which are likely to reduce to Rs7.5 trillion in FY26, compared to Rs9.8 trillion originally budgeted for FY25. IMF, govt to continue FY26 budget discussions 'over the coming days' The tax advisory estimated the federal development budget (PSDP/public sector development programme) at Rs950 billion for FY26, far lower than the Rs1.4 trillion budgeted in FY25. The report estimated the FBR revenue collection at Rs13.5 trillion for FY26. 'As per our estimates, if the FBR collects around 11.9 trillion in FY25, given our inflation estimates at 10.0% and estimated GDP growth at 3% in the upcoming FY26, then the FBR might collect only Rs13.5 trillion worth of tax revenue.
IOL News
22-05-2025
- Business
- IOL News
Businessman in hot water after receiving R1. 4 million from SARS through misrepresentations
Mbongiseni Ngomane, aged 34, allegedly made misrepresentations to the SA Revenue Service and received R1.4 million as tax returns. Image: File Picture Mbongiseni Ngomane, aged 34, has been released on bail after a warrant of arrest was issued against him for allegedly defrauding the South African Revenue Service (SARS). Lieutenant Colonel Magonseni Nkosi, provincial spokesperson for the Directorate for Priority Crime Investigation, also known as the Hawks, said the crime was committed in 2022 through misrepresentations of the company's income to SARS. 'According to information, Ngomane's misrepresentation led to SARS suffering an actual loss of R1,424,872. Upon receiving a tax refund from SARS, Ngomane allegedly transferred an amount of R200,000 to KC The Princess (Pty) Ltd whose sole director was Khensani Mnisi, 59,' said Nkosi. Mnisi also transferred money to five different recipients listed by the Hawks as Phindile Shabangu, 30; Dorren Simelane, 49; Thobile Ngomane, 35; Khanyisile Dlamini-Phenyane, 50, and Bafana Singwane, 50. Get your news on the go, click here to join the IOL News WhatsApp channel. The Hawks' serious commercial crime investigation unit, based in Nelspruit, executed the warrant of arrest, and all suspects appeared before the Nelspruit Commercial Crime Court on Tuesday. Ngomane was released on R2,000 bail while his co-accused were released on R500 bail each. The matter was postponed to 8 July 2025 for further investigations. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Last year, IOL reported that the Nelspruit Commercial Crime Court in Mpumalanga convicted and sentenced 44-year-old Mduduzi Steven Mashwama and his company MPG Mash Trading CC on charges of theft and contravention of the Prevention of Organised Crime Act (POCA). In July 2020, Mashwama and his company fraudulently submitted Value Added Tax claims and claimed undue VAT refunds of R166,850 from SARS. 'The matter was reported to the Hawks Nelspruit-based serious commercial crime investigation (unit) for further investigation. The investigation was finalised and the accused was summoned to appear in court on several occasion until he was sentenced on Tuesday,' Lieutenant Colonel Dineo Lucy Sekgotodi, Mpumalanga spokesperson for the Hawks said at the time. Mashwama was accused number two in the court case. On count one, of theft, Mashwama was sentenced to six years imprisonment which is wholly suspended for a period of five years on condition that he is not convicted of theft, fraud and or any offence involving misrepresentation committed during the period of suspension. IOL News
TimesLIVE
20-05-2025
- Automotive
- TimesLIVE
Honda to scale back on EVs and concentrate on hybrids
Honda said on Tuesday it was scaling back its investment in electric vehicles, given slowing demand, and would focus on capturing growing demand for hybrids with new models. CEO Toshihiro Mibe told a press conference the automaker has lowered its planned investment in electrification and software through the 2030 business year to ¥7-trillion (R875,694,424,000) from ¥10-trillion (R1,252,332,000,000) previously. "Based on the current market slowdown, we expect EV sales in 2030 to fall below the 30% we previously targeted," Mibe said, adding battery-powered cars might make up only around 20% of the company's sales by then. Honda said it expects to sell 2.2-million to 2.3-million hybrid vehicles by 2030. It has not released a total sales target for that year. It plans to launch 13 next-generation hybrid models globally in the four years from 2027. It will also develop a hybrid system for large size models it plans to launch in the second half of the decade. Earlier this month, Honda announced it had put on hold for about two years a C$15-bn (R193,322,252,140) plan to build an EV production base in Ontario, Canada, due to slowing demand for electric cars. Honda said, however, it plans to have battery-powered and fuel-cell vehicles make up all its new car sales by 2040.
Malay Mail
01-05-2025
- Health
- Malay Mail
Nationwide smoking crackdown hits hard with RM10 million in penalties as over 43,000 fined under new law, says MoH
KAJANG, May 1 — The Ministry of Health (MOH) has issued 43,455 compound notices involving fines totalling RM10,424,350 for various offences under the Control of Smoking Products for Public Health Act 2024 (Act 852), since the law came into effect on October 1, 2024, up to April 20. According to Public Health Development Division director Dr Zulhizzam Abdullah, during the period, three investigation papers were opened under Section 7(1) for offences related to the prohibition of advertising smoking products, while five were opened under Section 9(1) concerning the promotion and sponsorship of smoking products. 'In addition, 20 investigation papers have been opened under Regulation 3 of the Control of Smoking Products for Public Health (Control of Sale) Regulations 2024 for offences involving the online sale of smoking products. 'For offences under Section 15(1), which relates to the packaging of products that resemble toys or food, a total of 46 investigation papers have been opened,' he told a press conference after following an operation around Reko Sentral here tonight. He added that a total of 1,382 notices, with a compound value of RM69,100, had also been issued to underage individuals for violating Section 17(1). Meanwhile, Dr Zulhizzam said that, as of April 20 this year, a total of 338 warning notices had been issued to premises nationwide for failing to comply with the regulations under the Act. 'During tonight's operation, 111 warning notices were issued for non-compliance, while 35 compliance notices were given to premises that adhered to the regulations,' he said. — Bernama
The Star
01-05-2025
- Health
- The Star
Health Ministry issues over 43,000 notices under smoking Act since Oct 2024
KAJANG: The Health Ministry has issued 43,455 compound notices involving fines totalling RM10,424,350 for various offences under the Control of Smoking Products for Public Health Act 2024 (Act 852), since the law came into effect on October 1, 2024, up to April 20. According to Public Health Development Division director Dr Zulhizzam Abdullah, during the period, three investigation papers were opened under Section 7(1) for offences related to the prohibition of advertising smoking products, while five were opened under Section 9(1) concerning the promotion and sponsorship of smoking products. "In addition, 20 investigation papers have been opened under Regulation 3 of the Control of Smoking Products for Public Health (Control of Sale) Regulations 2024 for offences involving the online sale of smoking products. "For offences under Section 15(1), which relates to the packaging of products that resemble toys or food, a total of 46 investigation papers have been opened,' he told a press conference after following an operation around Reko Sentral here Wednesday (May 1) night. He added that a total of 1,382 notices, with a compound value of RM69,100, had also been issued to underage individuals for violating Section 17(1). Meanwhile, Dr Zulhizzam said that, as of 20 April this year, a total of 338 warning notices had been issued to premises nationwide for failing to comply with the regulations under the Act. "During tonight's operation, 111 warning notices were issued for non-compliance, while 35 compliance notices were given to premises that adhered to the regulations,' he said. - Bernama
