Latest news with #Rs75
Express Tribune
2 hours ago
- Business
- Express Tribune
Two witnesses record testimonies in gifts case
The Toshakhana is a repository which stores precious gifts given to rulers, parliamentarians, bureaucrats and other officials by heads of other governments and foreign dignitaries. PHOTO: FILE Two more prosecution witnesses on Tuesday gave their testimonies in a case related to alleged misuse of the official gift repository rules by PTI founder Imran Khan and his spouse Bushra Bibi during the former's term as the prime minister. Special Judge Central Shahrukh Arjumand conducted the hearing of the case in a courtroom inside Rawalpindi's Central Prison popularly known as Adiala Jail. Both Imran and Bushrawho are detained in the prison facility — attended the hearing. After the testimonies, the counsel for Imran, Arshad Tabriz, cross-examined both the witnesses. Lawyer of Bushra Bibi, Qosain Faisal Mufti, will cross examine the witnesses at the next hearing. Bushra Bibi had refused to attend the last hearing of the case — also called the Toshakhana II casedespite repeated summonses by the court. The judge had later warned of cancelling her bail in the case. The court will resume hearing on June 11. According to the charge-sheet, Imran misused his position to acquire a Bulgari jewelry set that the Saudi crown prince presented as a gift during the couple's visit to Saudi Arabia between May 7 and 10, 2021. The set included a ring, bracelet, necklace, and a pair of earrings. According to the evidence gathered during the investigation, Imran and Bushra unlawfully retained the set. On May 18, 2021, the deputy military secretary informed the section officer of Toshakhana about the need to assess and declare the price of the gift, but it was not deposited. Bulgari sold the necklace for 300,000 euros and the earrings for 80,000 euros to a Saudi franchise on May 25, 2018. However, the price of the bracelet and ring could not be determined. As of May 28, 2021, the total estimated value of the Bulgari jewelry set was approximately Rs75,661,600. The necklace alone was valued at Rs56,496,000, and the earrings at Rs15,065,600.
Business Recorder
17 hours ago
- Business
- Business Recorder
CCP fines fertilizer firms, FMPAC Rs375mn for price fixing
The Competition Commission of Pakistan (CCP) has imposed penalties to the tune of Rs375 million on companies and an industry association for collusion in the fertilizer sector. According to a press statement released on Tuesday, the CCP took decisive action against anti-competitive conduct in the fertilizer sector, imposing a penalty of Rs50 million each on six major urea manufacturers. Moreover, the Fertilizer Manufacturers of Pakistan Advisory Council (FMPAC), a leading industry association, was fined Rs75 million. The CCP bench—comprising Dr Kabir Ahmed Sidhu and Salam Amin—concluded that six urea manufacturing companies, i.e. Fatima Fertilizer Limited, Fauji Fertilizer Company Limited, Fauji Fertilizer Bin Qasim Limited, Fatima Fertilizer Company Limited, Engro Fertilizer Company Limited and Agritech Limited in coordination with their trade association, FMPAC, 'under the guise of conducting an awareness campaign/advertisement, have effectively fixed the price of urea across the country'. IHC reserves verdict in fertiliser prices case 'Such conduct goes beyond the bounds of lawful information dissemination and enters into the realm of anti-competitive behaviour' in violation of Section 4 of the Competition Act, 2010. CCP said that despite claiming price independence, the manufacturers failed to justify their synchronised pricing strategy. 'The commission's investigation uncovered that the conduct not only distorted competition, but also harmed farmers across Pakistan, especially during the critical Rabi and Kharif season, by artificially influencing fertilizer prices and limiting market choice,' said CCP. The government body shared that the respondents' attempt to claim protection under the 'state action doctrine' was also rejected, asserting that no formal government directive or compulsion existed to justify their collusive behaviour. CCP noted that the respondents took advantage of a federal government directive regarding initiating an awareness campaign encouraging farmers regarding urea price and used it as a tool to fix the price in coordination among themselves and jointly announced the uniform price for the urea buyers/consumers. The bench also held that such 'actions, under the pretext of complying with government instructions, effectively undermined market forces and distorted competitive pricing mechanisms.' CCP shared 'with great concern' that despite significant variations in input costs, different economies of scale, size of the market, and different prices of gas, all respondents were charging an identical price for the size of the urea bag, i.e. Rs1,768 per bag. The bench also noted that 'in a market where each undertaking's production capacity and market share are matters of common knowledge, such a coordinated disclosure cannot be viewed as incidental or competitively benign. Rather, the joint announcement constitutes an overt manifestation of concerted conduct.' Moreover, repeated directions from the Fertilizer Review Committee (FRC) were given to the respondents to address their failure to manage supply imbalances. CCP informed that it had issued warnings to the fertilizer manufacturers and FMPAC in 2010, 2012 and 2014, 'which failed to produce any lasting change'.
Business Recorder
5 days ago
- Business
- Business Recorder
‘Pakistan salaried class paid 5 times more taxes than exporters, retailers in outgoing FY25'
Pakistan salaried people's contribution to the tax net was projected to be five times higher than that of the country's exporters and retailers in the outgoing financial year 2024-25, a member of the Salaried Class Alliance of Pakistan (SCAP) said on Thursday. The Federal Board of Revenue (FBR) collected Rs430 billion in revenue in income tax from salaried people in the first 10-month of the outgoing fiscal year 2024-25, said Nasir Hussain Taibani, a member of the SCAP, in a press conference at the Karachi Press Club. Salaried class: Call for revision of tax slabs, rise in exemption limits The contribution was estimated to surpass Rs550 billion in the full current fiscal year, compared to Rs75 billion in FY19 and Rs368 billion collected in FY24, he added. 'Salaried people are subject to heavy taxes compared to only Rs100 billion collectively paid by exporters and retailers,' Taibani said. The group demanded reliefs in the upcoming budget for FY2025-26, claiming the collection of revenue in taxes had reached its optimal level. 'The time has come when the elevated tax rates would start impacting collection of revenue and economic growth, and expedite flight of capital and brain-drain from the country to abroad,' Komal Ali, another member of the SCAP. Citing Laffer Curve theory at the press conference, Komal Ali said the existing tax rates 'are too high' on the income of salaried people in Pakistan. If the government did not opt for tax cuts and tax credits, the collection of revenue and economic activities would start to decline, she envisaged. 'The higher tax rates will expedite brain-drain of highly skilled and well-educated people, and flight of capital, from Pakistan to abroad.' Meanwhile, Taibani further said the salaried class paid up to 35% in taxes. In addition to that, a section of the them also paid a 10% surcharge, he added. 'On the other hand, they are subject to indirect taxes on purchase of goods, and health and education fees. This means a big portion of their income is going into taxes, badly impacting their disposable income.' He recommended the government to reduce the number of income tax slabs back to 2022-23 level for them, cut higher rate of taxes, double the threshold of income tax exempted salary to Rs100,000 a month compared to Rs50,000 a month at present. Taibani also demanded the government restore tax incentives on investment in products like mutual funds and pension funds, and remove surcharge of 10% on the income tax. He maintained the government should increase the number of taxpayers in the country through bringing agriculture and retail sectors into the tax net instead further increasing tax rates for the people and the sectors of the economy 'already paying heavy taxes'. Hasnain Ashraf, another member of the alliance, said the power of the salaried class to pay the taxes 'has surpassed maximum level, leaving no financing to buy homes and cars'. The government should rather control its expenditures and fix the loss-making entities being maintained at the cost of the taxpayers, he added. According to the SCAP, it reached out to almost all the major political parties having representation in the Parliament to raise voice for the salaried class, but 'none of them did so'. The group said it would approach courts of law to fight their tax case if the government avoided giving relief in the upcoming budget to announced on June 10. 'The middle class (middle income groups) has been crushed. While inflation has doubled in the past three years, the minimum taxable income threshold remains stuck at Rs50,000 per month,' the SCAP stated in a press release. 'Continued neglect of this segment [salaried class] is contributing to the country's worsening brain drain. Emigration of skilled and educated professionals reportedly surged by 119% over the past year, with heavy taxation cited as a key factor,' it read. The agriculture sector, contributing nearly 20% of the country's gross domestic product (GDP), contributes less than 1% in tax revenue, according to the SCAP. 'Some landlords and privileged groups enjoy vast exemptions, while wage earners face tax rates as high as 35% with additional surcharge of 10%.' The alliance expressed concerns for 'growing informality in the economy', where businesses opt to pay salaries in cash to avoid high tax deductions-undermining documentation and long-term development. The SCAP is comprised of government and private sector employees, including from the armed forces, banks, education institutes, media, and corporate enterprises.
Business Recorder
6 days ago
- Business
- Business Recorder
Misleading advertisements: CCP imposes Rs150m penalty on housing society
ISLAMABAD: In a significant move to curb deceptive marketing practices, the Competition Commission of Pakistan (CCP) has imposed a penalty of Rs150 million on Kingdom Valley (Pvt) Limited for misleading advertisements concerning its housing project. Acting on a suo motu notice, CCP's Office of Fair Trade initiated an investigation and found that the company: 1- Falsely advertised its project as 'Kingdom Valley Islamabad', despite it being located in Mouza Choora, Tehsil & District Rawalpindi; 2- Misrepresented affiliations with the Naya Pakistan Housing Program (NPHP) and Naya Pakistan Housing and Development Authority (NAPHDA); 3- Publicized the project as 'NOC Approved' without accurate or complete disclosure regarding its approval status. The Commission bench, comprising Saeed Ahmed Nawaz and Abdul Rashid Sheikh, concluded that the company had violated Sections 10(2)(a) and 10(2)(b) of the Competition Act, 2010, which prohibit dissemination of false or misleading information to consumers. Consequently, Rs75 million was levied for each violation, amounting to a total fine of Rs150 million. In addition, the Commission noted serious non-compliance, including the company's failure to submit audited financial statements and non-compliance with CCP's directives. The company has also not filed financials with the SECP for several years, raising concerns about its governance and transparency. The CCP reiterates its commitment to protecting consumers from deceptive marketing practices and ensuring fair competition in the housing and real estate sector. Consumers and stakeholders are encouraged to report deceptive advertisements or anti-competitive behaviour to CCP via WhatsApp at 0304-0875255 or email at [email protected]. Copyright Business Recorder, 2025
Express Tribune
6 days ago
- Business
- Express Tribune
Karachi-Rohri track rehabilitation may commence this year
The Senate Standing Committee on Railways was briefed on upcoming, ongoing, and pending railway projects, as well as the major challenges currently facing the Ministry of Railways. The meeting, chaired by Senator Jam Saifullah Khan, was informed that a total of 38 projects worth Rs 260.085 billion were undertaken during the fiscal year 2024-25. Of these, six projects have been completed, while 32 have been carried forward to 2025-26. While briefing the committee, the Chairman of Railways described the Main Line-1 (ML-1) project — spanning from Karachi to Rohri — as a "lifeline" for the Reko Diq and Thar coal projects, which are expected to commence this year, subject to the availability of funds. He noted that the total estimated cost of ML-1 stands at Rs2,298.18 billion, and a proposal has been submitted for the allocation of Rs75 billion in the financial year 202526 to initiate the project. The committee was further informed that 12 additional projects — covering track expansion, safety enhancements, rehabilitation, track replacement, feasibility studies, and upgraded security systems — require an allocation of Rs11.076 billion in the next fiscal year.
