Latest news with #Sharif
News18
7 hours ago
- Automotive
- News18
Why Amitabh Bachchan And Aamir Khan's Names Are In A Karnataka RTO Tax Case
Two Rolls-Royce cars once owned by Amitabh Bachchan and Aamir Khan are now in trouble over unpaid road taxes in Karnataka. Two luxury Rolls-Royce cars that once belonged to Bollywood stars Amitabh Bachchan and Aamir Khan are now at the centre of a tax controversy in Karnataka. Although the stars no longer own the vehicles, their names have appeared in official notices from the Karnataka Regional Transport Office (RTO) because the cars are still registered under them. The person currently driving these high-end cars is Yusuf Sharif, a Bengaluru-based businessman and politician, popularly known as 'KGF Babu' because of his connection to Kolar Gold Fields, made famous by the movie KGF. As per India Today, Sharif is now facing a hefty fine of Rs 38.26 lakh for using these cars in Karnataka without paying the required local road taxes. The Rolls-Royce Phantom, once owned by Amitabh Bachchan, has been spotted in Bengaluru since 2021. The Rolls-Royce Ghost, earlier owned by Aamir Khan, has been seen on the roads since 2023. As per Karnataka rules, if a vehicle is used in the state for over a year, it must be registered there and the road tax must be paid. Since both cars were driven past the one-year limit without registration, the RTO fined them—Rs 18.53 lakh for the Phantom and Rs 19.73 lakh for the Ghost. Interestingly, the paperwork for both cars still shows Bachchan and Khan as the official owners, as Sharif never completed the formal transfer of ownership, India Today states. Transport officials confirmed that while the vehicles are regularly seen on city roads, they are technically still registered to the Bollywood stars. Sharif's story is equally noteworthy. He once sold scrap for a living but eventually became a successful real estate developer and politician. In 2021, he ran for the Karnataka Legislative Council elections and declared family assets worth over Rs 1,744 crore. This isn't the first time Sharif has had issues with vehicle taxes. In 2021, the Phantom was already under the RTO's radar for similar reasons, but action was not taken then because it had not yet crossed one year in Karnataka. Now, with both luxury cars violating local tax laws, the RTO has taken firm action, shining a spotlight once again on flashy cars and high-profile names. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
7 hours ago
- Automotive
- Time of India
KGF Babu in spotlight: Who is Yusuf Sharif? The man flaunting Bollywood stars' Rolls-Royces
NEW DELHI: Realtor, politician, and now tax defaulter, Yusuf Sharif, also known as KGF Babu, is at the centre of controversy, not for his wealth or political ambitions, but for driving Rolls-Royces once owned by Bollywood icons Amitabh Bachchan and Aamir Khan on Bengaluru roads without paying local taxes. Tired of too many ads? go ad free now The Karnataka transport department on Wednesday swooped down on Sharif's plush Vasanthnagar residence with records showing he had been using two Maharashtra-registered Rolls-Royce cars in Bengaluru well beyond the one-year period allowed without state road tax. One of them, a Phantom bearing number MH 02 BB 0002, was bought from Amitabh Bachchan. The other, a Rolls-Royce Ghost, came from Aamir Khan and bears registration MH 11 AX 0001. Both cars, now a fixture in Sharif's glitzy collection, were used on Karnataka roads without paying the applicable lifetime road tax, dues that have now cost him Rs 38.3 lakh. The Phantom had already caught the eye of RTO field officials back in 2021 and was briefly impounded. A penalty of Rs 5,500 was collected before the car was released, allegedly on the instructions of senior officials. The issue was quietly buried, until this week. 'This time, we had ample proof,' an RTO official told TOI. 'Traffic surveillance footage and vehicle movement logs clearly showed the cars were being used in the city for extended periods. A notice was issued, and after we briefed Yusuf Sharif on the rules, he cleared the tax dues by cheque the same day.' According to the department, Rs 19.8 lakh was collected for the Phantom, and Rs 18.5 lakh for the Ghost. Sharif, known for his flamboyance and rags-to-riches story that earned him the nickname "KGF Babu", admitted to the lapse but claimed it was unintentional. Tired of too many ads? go ad free now 'I have a passion for buying cars from celebrities,' he said. 'I paid lifetime tax for these vehicles in Maharashtra — Rs 50 lakh for one, Rs 35 lakh for the other. I wasn't aware I had to pay again in Karnataka.' He insisted that the vehicles divide time between Mumbai and Bengaluru, spending about 15 days in each city, and added, 'Officials came to my house without prior notice. They explained the tax rules and I paid the amount immediately. It was a mistake out of ignorance. I appeal to others with out-of-state vehicles to check their dues and settle them.' Sharif's business roots lie in Mumbai, but in Karnataka, he's a known figure in political and real estate circles — his opulence, controversial land deals, and extravagant lifestyle frequently grabbing headlines. This week's raid only brings him back into the spotlight, this time for rolling the red carpet out for Bollywood cars — minus the paperwork.
Indian Express
12 hours ago
- Automotive
- Indian Express
Bengaluru businessman fined Rs 38 lakh for evading road tax for Rolls-Royce cars linked to Amitabh Bachchan, Aamir Khan
Karnataka transport officials Wednesday fined a Bengaluru businessman over Rs 38 lakh for driving a Rolls-Royce Phantom once owned by Bollywood actor Amitabh Bachchan and a Rolls-Royce Ghost previously belonging to Aamir Khan without paying the local road tax in the state. The luxury cars were found during an enforcement drive at the house of businessman-politician Yusuf Sharif, also known as KGF Babu. The operation was led by M Shobha, Joint Transport Commissioner, Regional Transport Officer (RTO), along with other officers. Officials found a Rolls-Royce Phantom bearing registration number MH02-BB-0002, registered in the name of actor Amitabh Bachchan, and a Rolls-Royce Ghost with registration number MH11-AX-0001, registered to Hardwyn India Inc, but reportedly originally belonging to actor Aamir Khan. According to RTO officials, both vehicles are now owned and regularly used by Sharif, who purchased them a few years ago from the Bollywood actors but failed to transfer ownership to his name. Transport department officials indicated that the Rolls-Royce Phantom has been in Bengaluru since 2021, and the Ghost since 2023. Officials added that Sharif was using the cars without paying the applicable state road tax in Karnataka. The transport department fined Rs 19.73 lakh for the Ghost, and Rs 18.53 lakh for the Phantom, both for long-term use of out-of-state vehicles in Karnataka without payment of local taxes — a violation under the Karnataka Motor Vehicles Taxation Act. However, officials did not seize the vehicles as the tax had been paid during the enforcement drive. Sharif made national headlines in 2021 when his Rolls-Royce car, worth Rs 2.01 crore (according to an affidavit) and which he bought second-hand from Amitabh Bachchan, was seized by RTO officials for road tax violation. The Income Tax department also conducted a search on his premises over tax evasion of Rs 13.43 crore. Sharif is a controversial figure with a rags-to-riches background. A native of Kolar Gold Fields (KGF), the mining town that inspired the blockbuster Kannada film series KGF, he earned the nickname 'KGF Babu'. From selling scrap in his early years, Sharif rose to become a real estate baron. Some detractors, however, claim Sharif has acquired his riches by stealing gold from KGF using muscle power. Sharuf has denied the allegations, and credits hard work for his wealth. In the 2021 Karnataka Legislative Council elections, he contested from the Bangalore Urban local authorities' constituency, declaring assets worth over Rs 1,744 crore belonging to himself and his family — one of the largest known declarations in the state. Sharif has four criminal cases pending against him, three of which he claims were based on allegations made while developing properties for his real estate business.
Business Recorder
15 hours ago
- Business
- Business Recorder
FBR tells PM: Tax-to-GDP ratio jumps 1.5pc to 10.6pc
ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said the country's tax-to-GDP ratio rose by 1.5 percentage points in FY2025, reaching 10.6 percent compared to FY2024 – a notable advance towards the government's goal of 13 percent under its three-year reform agreement with the International Monetary Fund (IMF). In a briefing to Prime Minister Shehbaz Sharif, who chaired a high-level meeting to review the FBR's reform agenda, officials said that the number of tax filers had increased from 4.5 million in 2024 to more than 7.2 million by the end of June 2025. Sharif welcomed the gains, calling the rise in tax compliance encouraging, but cautioned that continued progress would depend on deep and sustained reforms at the FBR, the country's primary tax authority. FBR seeks 18pc tax-to-GDP ratio by 2027-28 He praised the improvements in revenue collection – particularly what he described as a 'historic' increase in the tax-to-GDP ratio – but stressed that further modernisation was needed to align the tax system with international norms. 'Meeting targets is commendable, but our real challenge is building a sustainable and contemporary tax system,' Sharif said, according to a statement issued by the Prime Minister's Office. 'Reforms must be implemented within a fixed timeline, with the input of all relevant stakeholders.' Officials said that recent efforts to formalise the retail sector – including integration through the FBR's Point of Sale (POS) system and enhanced enforcement – had yielded an additional Rs45.5 billion in tax revenue compared with the previous financial year. They also highlighted early successes of the FBR's new 'faceless' customs clearance platform, a digitisation initiative designed to curb corruption and improve efficiency. The system has already bolstered revenue, officials said, and is expected to cut average clearance times from 52 hours to just 12 hours within three months. To further streamline operations, the agency has launched remote case hearings via video link – a move aimed at expediting decisions and minimising in-person interactions. Additional measures, officials added, have reduced the weighted average tariff on imports by 2.16 percent – a change expected to lower input costs for manufacturers and support industrial growth. Tax collection in the retail sector rose by Rs455 billion on the previous year, driven by the integration of point-of-sale systems and tighter enforcement. Officials also told the meeting that recent reforms had reduced the weighted average tariff on imports by 2.16 per cent, lowering raw material costs and supporting domestic industry. Sharif directed the FBR officials to deliver a comprehensive implementation plan for the next phase of reforms within a week. That plan, he added, should include restructuring the agency's digital wing and actionable timelines for execution. He also emphasised the importance of expanding the tax base – especially into the informal sector – while easing the burden on compliant taxpayers. 'The convenience of businesspeople, traders, and taxpayers must be ensured as we move forward,' he said, underscoring that the reform process should remain people-centric. Officials also noted that better use of economic data would help track production across industrial sectors and improve coordination with relevant government agencies. Recommendations from international consultants – particularly in digital taxation and compliance – will be incorporated as part of the FBR's ongoing modernisation drive. The prime minister concluded the meeting by commending FBR personnel for their efforts but warned that real reform would require discipline, transparency, and sustained commitment. The meeting was attended by senior government officials, including Information Minister Ataullah Tarar, Economic Affairs Minister Ahad Cheema, Law Minister Azam Nazir Tarar, the FBR chairman Rashid Langrial, and other senior officials. Copyright Business Recorder, 2025
Business Recorder
15 hours ago
- Business
- Business Recorder
Privatisation of SOEs: PC to be given full legal autonomy: PM
ISLAMABAD: In a bid to accelerate the privatisation of loss-making state-owned enterprises (SOEs), Prime Minister Shahbaz Sharif pledged on Wednesday that the Privatization Commission would be granted full legal autonomy in an effort to eliminate bureaucratic red tape and extraneous interference in the country's privatisation process. The prime minister, while chairing a review meeting on progress of privatisation of SOEs, emphasised that reviving the country's ailing economy depends on the timely and transparent divestment of underperforming public sector entities. He described privatisation as a top priority for his administration, saying it must be handled 'effectively, comprehensively and efficiently.' SOE Act and MoF reporting: CCoSOEs grants SPD entities full exemptions 'Illegal occupation of valuable lands of national institutions is unacceptable under any circumstances,' he said, while urging caution in the disposal of such land. 'Every possible precaution should be taken.' The meeting focused on reviewing the progress of institutions slated for privatisation in 2024, including high-profile entities such as Pakistan International Airlines (PIA) and several power transmission companies, commonly referred to as Discos. PM Sharif directed that the Commission's efforts align with market conditions and adhere strictly to legal and transparency requirements. 'All decisions should be implemented fully and effectively,' he said. 'I will regularly monitor the progress of the ongoing work in the Privatization Commission.' The Privatization Commission officials briefed the prime minister on a phased strategy for privatising state enterprises, structured around legal, financial, and sector-specific factors. They noted that the plan, approved by the federal cabinet, is designed to meet both economic and institutional benchmarks within a fixed timeframe. The prime minister also underscored the importance of consulting professional experts and maintaining international standards throughout the privatisation and restructuring process. The push to privatise loss-making enterprises comes amid mounting fiscal pressures, with the government seeking to reduce its financial burden and attract private investment into sectors long plagued by inefficiencies and mismanagement. The meeting was attended by federal ministers Awais Leghari and Ahad Cheema, Chairman of the Privatization Commission Muhammad Ali, along with senior government officials and advisers. Copyright Business Recorder, 2025
