Stamp tax – Arab Center http://arabcenter.net/ Fri, 14 Jan 2022 14:24:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://arabcenter.net/wp-content/uploads/2021/05/cropped-icon-32x32.png Stamp tax – Arab Center http://arabcenter.net/ 32 32 Tax revenues fall by more than a third under the coup regime https://arabcenter.net/tax-revenues-fall-by-more-than-a-third-under-the-coup-regime/ Fri, 14 Jan 2022 14:24:58 +0000 https://arabcenter.net/tax-revenues-fall-by-more-than-a-third-under-the-coup-regime/

Myanmar’s military junta has collected far fewer taxes than its ousted civilian predecessor, according to the country’s latest Internal Revenue Department (IRD) annual report.

The report for the fiscal year ending September 30, which includes the first eight months of the coup regime, says total tax revenue fell 35% last year from the previous year.

In fiscal year 2020-2021, the IRD was able to collect 4.745 billion kyat ($ 2.657 billion) in revenue, according to the report, compared to 7.296 billion kyat ($ 4.086 billion) reported during 2019-2020 fiscal year.

According to IRD records, the drop affected all categories, including income taxes, trade taxes, special commodity taxes, stamp duties, lotteries and jewelry taxes. .

In an apparent attempt to increase revenue, the junta introduced new taxes on internet services within a week of the report’s release, including a 20,000 kyat ($ 11) trade tax on SIM cards that previously did not cost only 1,000 kyat plus a 15% service tax.

“The fact that they started the year with an amendment to the Union tax law shows how desperate and incompetent they are when it comes to finances,” said Tin Tun Naing, finance minister of the shadow government of national unity (NUG). pointed out when asked about the move.

The new taxes, which the regime said were aimed at reducing damage to young people from “internet overuse”, are primarily aimed at controlling the flow of information, he added.

Since taking power last February, the regime has encountered resistance on many fronts, including from consumers who have refused to pay their electricity bills or buy lottery tickets.

In November, the junta used the threat of force against citizens reluctant to hand over their money to the state-owned Electric Power Corporation, a frequent target of guerrilla groups operating in cities across the country.

This effort may have had the desired effect, but getting people to buy more lottery tickets has proven to be more difficult.

Four months ago, the regime announced plans to award 70% of national lottery profits to winners, down from 60% previously.

Despite this, however, ticket sales continued to decline, meaning that the top prize, which reached 1.5 billion kyat ($ 840,000) in the past, fell to just 500 million ($ 280,000). ).

One of the reasons for this failure may be the fact that no winner has been announced in recent months, which suggests that the junta has not paid out any of its lottery winnings.

Another factor is probably NUG’s launch of its own lottery. Created to help cover the cost of supporting public officials participating in the civil disobedience movement, the Nway Oo (Spring) Lottery has been a hit with the general public.

“Nowadays, no one buys tickets for the army-controlled lottery. Most lottery shops are now closed. One of them reopened on 78th Street last month, but they’re not getting any deals, ”a woman who lives in Mandalay told Myanmar Now.

It cost the regime dearly. According to the IRD report, the national lottery only brought in 86 billion kyat ($ 48 million) last year, compared to 160 billion kyat ($ 89.6 million) it generated under the old government.

Despite these setbacks, the director general of the IRD, Min Htut, specifies in the introduction of the report that the total amount raised in taxes represents 92% of the figure targeted for last year.

According to the budget for 2019-2020, the Central Bank and other public banks cover 50% of all public expenditure, while 32% comes from taxes, 13% from “miscellaneous sources” and 5% from commercial organizations owned by the state. .

The military, which also has its own sources of revenue, received a declining share of the national budget under the previous government, but this trend has likely been reversed since last year’s coup.

NUG sought to deprive the regime of taxes and international aid, while ordinary citizens boycotted products made by military-owned conglomerates.

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End-to-End E-Transfer Is Here, Says Suppliers | News https://arabcenter.net/end-to-end-e-transfer-is-here-says-suppliers-news/ Wed, 12 Jan 2022 17:32:04 +0000 https://arabcenter.net/end-to-end-e-transfer-is-here-says-suppliers-news/

A ten-year-old dream of a fully electronic property transfer may have come true if an announcement today lives up to the claims of a real estate data company. The company, Search Acumen, has unveiled technology it says allows lawyers to manage the entire transfer of ownership process through a central dashboard.

The platform provides a single interface that automatically combines and distills data from different sources to streamline key process steps. These include managing client onboarding, local authority searches, engagement with the HM land registry, title reports, compensation issues, bank checks and post-completion deposits, including AP1 forms and property tax submissions (SDLT), the company said. It is digitizing the AP1 submission process in accordance with the HM Land Registry’s plan to make digital applications mandatory from November.

Any user of a property transfer company can communicate directly with the designated land registry social worker, reducing the risk of delays, the company said. He estimated that up to five hours could be saved per transaction.

Andrew Lloyd, Managing Director, said: “Our residential platform will continue our experience in breaking down old-fashioned ways of working and empowering legal professionals to have greater control over transaction processes. It provides a single, intuitive portal for residential sales and purchasing project management and will play a crucial role in digitizing key processes, the most urgent of AP1 submissions before the November deadline. ‘

Several commercial companies have been working on integrated digital property transfer systems following the collapse of HM Land Registry’s internal attempt in 2007 and the Veyo project supported by the Bar. Just before Christmas, the French Competition and Markets Authority announced an investigation into the acquisition of research firm TM Goup by Toronto-based Durham & Dye.

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Hong Kong District Court Has Exclusive Jurisdiction Over Stamp Duty Appeals | Bryan Cave Leighton Paisner https://arabcenter.net/hong-kong-district-court-has-exclusive-jurisdiction-over-stamp-duty-appeals-bryan-cave-leighton-paisner/ Mon, 10 Jan 2022 19:32:03 +0000 https://arabcenter.net/hong-kong-district-court-has-exclusive-jurisdiction-over-stamp-duty-appeals-bryan-cave-leighton-paisner/

Brief facts

The appellants appealed to the district court against the imposition of stamp duty by the stamp revenue collector (the “”Collector“) in accordance with Article 14 of the ESO.

The applicants then asked the court of first instance, the collector remaining neutral, to transfer the appeal of the stamp duty from the district court. The appellants argued that the transfer order should be returned for the following reasons:

  1. the appeal revealed an important legal question on the correct interpretation of section 45 of the SDO (relief in the event of transfer from one associated legal person to another) and that the resolution of the appeal was likely to have significant tax consequences for taxpayers owning shares and real estate in Hong Kong; and
  2. the appeal concerned a contested tax significantly exceeding the ordinary jurisdiction of the district court in civil matters.

Registrar Kwang asked the parties to explain whether the Court of First Instance had jurisdiction to hear these proceedings. As this was a jurisdictional issue, the case was referred to a judge for decision.

Appeal jurisdiction

In accordance with Solicitor v Law Society of Hong Kong (2003) 6 HKCFAR 570, courts do not have an inherent appellate jurisdiction. Appeals are created by law, whether appeals from statutory courts to courts or appeals from lower courts to superior courts. Where the jurisdiction of a court has already been defined by law, there is no room for a court to exercise jurisdiction beyond that defined by law.

The Court considered Article 14 of the SDO, which is the main law conferring the right to appeal against stamp duty:

(1) Anyone who is not satisfied with the collector’s assessment under section 13 or 47L may[…]appeal the assessment to the court and may, for that purpose, require the collector to declare and sign a record setting out the question on which his opinion was necessary and the assessment made by him.

(6) In this section … court (??) means the district court

The court ruled that the statue confers jurisdiction only on the district court and no other court to hear appeals against the imposition of stamp duty. Outside of the SDO, there was no avenue of appeal. The stamp duty right of appeal invokes the appellate jurisdiction and not the original jurisdiction of the district court.

Once the district court has jurisdiction, the proceedings are governed by the order of the district court (Cap. 336) (“ACD”) And the Rules of the District Court (Cap. 336H).

Article 42 of the DCO provides that: –

The court may, of its own motion or at the request of any party, order at any time the referral to the court of first instance or to the land court of all or part of any action or procedure before it and which fall within the jurisdiction of the Court of First Instance or the Land Court, as the case may be.

The Court said that it is clear that the court to which a case is transferred must itself have jurisdiction in the first place. The parties cannot (by consent) and a court cannot (by transfer) confer jurisdiction on another court which does not have jurisdiction in the first place.

Is the Court of First Instance competent to hear appeals relating to stamp duty?

Section 12 (2) of the High Court Ordinance (Cap. 4) (“HCO“) provides that the civil jurisdiction of the court of first instance consists of”(a) original jurisdiction and authority of the same nature and extent as those held and exercised by the Chancery, Family and Queen’s Bench Divisions of the High Court of Justice in England; and (b) any other jurisdiction, whether originating or appellate jurisdiction, conferred on it by statute”.

The Court considered that there was no legal provision conferring jurisdiction on the Court of First Instance to hear appeals relating to stamp duties. Applying the legal principles relating to appellate jurisdiction, it is clear that the Court of First Instance is not competent to hear appeals relating to stamp duties.

Article 12 (1) of the HCO provides that the court of first instance is “a superior court of archives”.

The High Court, which comprises the Court of Appeal and the Court of First Instance, is a civil court with full jurisdiction. The significance of the Court of First Instance being a “higher” court of record (as opposed to a “lower” court) is that the “presumption of jurisdiction” applies. This means, prima facie, that no matter is deemed to be outside the jurisdiction of a superior court unless it is demonstrated, by express words or by necessary implication, that it is. When an order creates a right or a remedy, that is to say that the right or remedy does not exist independently of the order which creates it and, at the same time, the order establishes a particular method of exercising it before a particular jurisdiction, the courts will, without more, tend to confine a person exercising that right or recourse to that particular court or tribunal.

In the present case, the appellants invoked section 14 of the SDO, the express terms of which confer express jurisdiction on the district court. By necessary implication, taking into account the legal principles on appellate jurisdiction and Article 12 of the HCO, a similar jurisdiction is not conferred on the Court of First Instance.

The fact that article 14 of the SDO does not use the term “exclusive jurisdiction” or that “only” the district court has jurisdiction, did not call into question the conclusion.

Previous instance of a stamp duty appeal

Registrar Kwang asked the collector to check if there had been any previous appeals of stamp duty transferred from the district court to the lower court.

The collector found only one such case: World Magnate Shipping Ltd v Stamp Revenue Collector [1969] HKLR 67. In view of the practical importance, and at the request of the appellant with the consent of the collector at the time, the appeal of the stamp duty in World Tycoon Expedition was transferred to the Supreme Court (now the Court of First Instance). The appeal was further transferred to a full court of the Supreme Court (with a panel of three judges, including the then chief justice), equivalent to the current Court of Appeal. It was on the order of the then Chief Justice under Article 28 of the Supreme Court Order that the case be heard, at first instance, in the Plenary Court without the need to ” first be tried and decided by a Supreme Court judge sitting alone.

The Court does not agree that World Tycoon Expedition was binding on this Court for the following reasons:

  1. Questions of jurisdiction and referral of the case to the Supreme Court do not appear to have been debated in World Tycoon Expedition.
  2. Section 28 of the Supreme Court Order was akin to a “leapfrog” approach that bypassed the single-judge tribunal and had a case heard directly through the equivalent of the Court of Appeal. Such a provision does not exist in the current HCO.
  3. Because World Tycoon Expedition, the Court of Final Appeal laid down the legal principles of appellate jurisdiction in Solicitor v The Law Society of Hong Kong (see above). This principle binds the judge in John Wiley & Sons UK2 LLP v Collector of Stamp Revenue.

Conclusion

For the reasons set out above, the district court was held to have exclusive jurisdiction to hear a stamp duty appeal under section 14 SDO, and the district court could not transfer a stamp duty appeal to the court of first instance, even by consent.

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The glittering numbers on the chessboard are the promised land or pride before a fall https://arabcenter.net/the-glittering-numbers-on-the-chessboard-are-the-promised-land-or-pride-before-a-fall/ Sun, 09 Jan 2022 02:30:00 +0000 https://arabcenter.net/the-glittering-numbers-on-the-chessboard-are-the-promised-land-or-pride-before-a-fall/ How long will it take us to get back to where we were in 2019 before Covid is a question we have all asked ourselves several times over the past 21 months. When it comes to the performance of the finances of the board, the answer is, not for long at all.

The 2021 check numbers released this week are pretty extraordinary based on the headlines. A record year of tax deductions despite the start / stop of the national economy, little international tourism and a hotel sector ready for a nervous breakdown.

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House prices set to slow sharply as inflation hits https://arabcenter.net/house-prices-set-to-slow-sharply-as-inflation-hits/ Fri, 07 Jan 2022 10:17:00 +0000 https://arabcenter.net/house-prices-set-to-slow-sharply-as-inflation-hits/

gHello.

It won’t come as a surprise, but the latest Halifax homes show another record month in December, with prices rising 1.1 pc to a new record high of £ 276,091.

It crowns a remarkable year for the market, which has challenged the gloomy mood of the broader economy to show ever greater growth.

December’s 9.8% annual growth marked the fastest pace since July 2003, while the cash gain of £ 24,500 in 2021 as a whole was the largest since March 2003.

Last year, the average home price hit a new record eight times.

But it is almost certain that things will change in 2002, with rising interest rates and inflation expected to dampen unbridled market growth.

5 things to start your day

1) Omicron grant is a drop in the ocean for restaurants Industry leaders call grants ‘insulting limits’, say they fall far short of what is needed

2) TV company tricked banks into loans worth £ 280million, administrators say Arena Television, which was working on the Euro 2020 tournament, abruptly closed in November and bosses have yet to be located

3) Gousto, backed by Joe Wicks, wins $ 100 million investment Softbank’s cash injection values ​​meal kit company at $ 1.7 billion

4) Competition chief seen as obstacle to post-Brexit reforms steps down Andrea Coscelli could be replaced by a more radical director general at the Competition and Markets Authority

5) Crispin Odey’s hedge fund has its best year since 2007 Odey Asset Management ended the year with a gain of nearly 54pc

What happened during the night

Asian stocks posted two days of losses on Friday, climbing as investors waited to see if US jobs data due later in the day would reinforce the need for a faster interest rate hike Americans.

MSCI’s largest Asia-Pacific stock index outside of Japan rose 0.3 percent, boosted by a 1.2 percent gain in the Australian benchmark where bank stocks were first plan, though Japan’s Nikkei dropped its early gains to retreat 0.66 percent.

Futures on the Nasdaq rose 0.5 percent on earlier Asian trading before forgoing some gains to trade over 0.25 percent, and S&P 500 e-mini stock futures rose 0.17 percent.

Coming today

  • Business : No scheduled update
  • Economy: Halifax Home Price Index (UK), Building PMI (UK), inflation, retail sales (eurozone), industrial production (France, Germany), non-agricultural payroll (WE)
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LBS Bina Group achieved RM1.575 billion in property sales last year and sets target of RM1.6 billion for 2022 https://arabcenter.net/lbs-bina-group-achieved-rm1-575-billion-in-property-sales-last-year-and-sets-target-of-rm1-6-billion-for-2022/ Wed, 05 Jan 2022 06:42:15 +0000 https://arabcenter.net/lbs-bina-group-achieved-rm1-575-billion-in-property-sales-last-year-and-sets-target-of-rm1-6-billion-for-2022/

PETALING JAYA (January 5): LBS Bina Group Bhd achieved RM1.575 billion in property sales in 2021, exceeding its target of RM1.2 billion.

During a press briefing on Wednesday January 5, LBS Bina announced that its real estate sales target for 2022 is RM1.6 billion, to be reached by 14 planned launches that will cover the Klang Valley, Johor, Pahang and Perak. . This will amount to 3,733 units with a Gross Development Value (GDV) of RM 1.77 billion.

LBS Bina Executive Chairman Tan Sri Lim Hock San said that even with a difficult 2021, the group still managed to exceed its sales target by 31%.

“We are cautiously optimistic about the rebound in the real estate market this year … We have also managed to sell vacant possession of 2,570 units worth RM 1.3 billion,” he added, noting that it is great to be able to provide affordable housing to the community. .

Lim also announced that Klang Valley provided the highest sales contribution in 2021.

“[For the Klang Valley area], LBS Bina intends to launch 2,604 units with a total GDV of RM 1.11 billion this year. Specifically for the township of KITA @ Cybersouth, LBS will launch 2,128 units with RM853 in GDV. Within KITA @ Cybersouth, LBS aims to develop KITA Sejati serviced apartments, KITA Bestari one and two-story townhouses and two-story townhouses in 2022, ”Lim explained.

In addition, Lim also said that there are plans to launch a new phase of serviced apartments Melodi Perdana in the township of LBS Alam Perdana (321 units with a total GDV of RM 120 million) and Astella in D ‘ Island Residence (155 units with a total GDV of 132 million ringgit).

Other new projects include the Bayu Hills apartment in Genting Highlands (642 units with a total GDV of RM 492 million), the one-story Taman Kinding Flora cluster link and townhouses in Chemor, Perak (248 units with a total GDV of RM64 million), such as as well as Emerald Garden 3 one-story townhouses, Royal Garden two-story townhouses, and Laman Bayu 4 two-story townhouse in Bandar Putera Indah, Johor (239 units with a total GDV of RM 108 million).

In 2021, LBS Bina launched 3,344 units worth RM 1.6 billion, which include developments through KITA @ Cybersouth, LBS Alam Perdana, Bukit Jalil and Prestige Residence at Seri Kembangan in the Klang Valley. Other launches include terraced houses in Bandar Putera Indah township in Batu Pahat and new phases in Taman Kinding Flora, Chemor.

Lim shared, “LBS Bina fully supports the initiatives of the Selangor government to develop affordable housing for the general public. This is evidenced by LBS’s joint partnership with the state government on the Rumah Selangorku Idaman MBI project to provide 7,210 affordable housing units at six sites with a total GDV of RM2.01 billion.

“LBS Bina aims to launch four Rumah Selangorku Idaman MBI (projects) in 2022, namely Idaman BSP in Bandar Saujana Putra, Idaman Cahaya in Shah Alam, Idaman Sari in Puchong and Idaman Melur in Cybersouth. While Idaman KITA @ Cybersouth and Idaman Perdana in Bandar Puncak Alam should be launched in 2023 ”.

LBS Bina also announced that it has 18 ongoing development projects with an estimated GDV of RM 5.3 billion. The group’s land reserve stood at approximately 2,744 acres as of December 31, 2021.

In addition, the developer has unbilled sales of around RM2.304 billion, which are expected to provide clear visibility into profits over the next two to three years. It has also recorded strong real estate sales through digital marketing initiatives and the use of its pre-fab Industrialized Building System (IBS). Other contributors include its virtual property page and digital campaigns such as Ox-picious 8, Raikan Rezeki Bersama LBS, Vacci-Nation Bonanza, and Fabulous 20-21 Lucky Draw.

To kick off the year, LBS Bina launched the Bring Happiness Home campaign from January 1 to February 28, which will reward customers with a total of RM438,888 Chinese New Year angpows. This campaign features furnishing packages, reduced booking fees, loyalty rewards, flexible payment systems and zero exit fees. In addition, legal fees and stamp duty on loan agreements will be waived for all homebuyers when they buy at select residential properties from LBS Bina.

“Improving value for stakeholders has [also] has been a priority for us and we will continue to maintain our dividend policy to pay out at least 30% of profit after tax, ”said Lim.

As for the homeownership campaign, Lim agreed that it should be extended as the program is having a positive impact on the industry. He also explained that the prices of building materials are rising, so people are likely to focus only on buying existing projects and not new ones.

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3 bills that will define 2022 https://arabcenter.net/3-bills-that-will-define-2022/ Mon, 03 Jan 2022 06:31:33 +0000 https://arabcenter.net/3-bills-that-will-define-2022/

Bills are introduced in the Legislative Assembly and are discussed, debated and voted on. Once a bill has been enacted, it is called an act of the legislature or a law.

Three bills will define Nigeria’s socio-economic and political outlook for 2022. The first is the Appropriation Bill 2022, which will guide government spending in 2022. The Budget Estimate of the Appropriation Bill 2022 , over 17 trillion naira, is the highest offered by a Nigerian. government.

While implementation is vital, it underscores the government’s willingness to revive the economy and continue its efforts in critical infrastructure programs, especially in key sectors.

Appropriation bill 2022

The president promulgated the 2022 finance bill, although he expressed reservations on certain amendments made by the National Assembly.

Buhari had promulgated the 2021 finance bill on January 1, 2022, while its life cycle is due to expire on December 31, 2022, but for the recent three-month extension of the life of its capital component by the National Assembly .

The finance bill

The second is the finance bill, which will usher in a new era of fiscal governance and improve public revenue. On December 7, President Buhari forwarded the 2021 finance bill to the National Assembly for consideration.

In summary, the 2021 finance bill proposes changes to certain tax and tax laws to promote economic growth, attract foreign investment and increase income.

The bill seeks to eliminate multiple taxation in various segments of the Nigerian economy. Therefore, it will promote the growth of the economy, especially through SMEs. It will also encourage investors to invest in the Nigerian market and boost investment opportunities.

Recall Nairametrics reported that the Senate adopted the 2021 finance bill following consideration of a report from the Joint Finance Committee; Customs, excise and tariffs; Trade and investment.

Nairametrics also reported on the main proposed changes to the finance bill. Laws to be amended by the draft finance law included: Capital Gains Tax Law (CGTA), Corporate Income Tax Law (CITA), Federal Service Law taxes (establishment) [FIRSEA], Personal Income Tax Act (PITA), Stamp Duty Act (SDA), Higher Education Trust Fund (Institution) Act [TETFEA] and Value Added Tax Act (VATA), Insurance Act, Nigerian Police Trust Fund (Establishment) Act [NPTFEA], Law on the National Agency for Scientific and Technical Infrastructures (NASENI Law), Law on Finance (control and management) [FCMA], and the Fiscal Responsibility Act (FRA).

Electoral amendment bill

The third is the electoral amendment bill. This bill aims to introduce further reforms in the electoral system, strengthening the powers of the INEC and making the elections more transparent. Although the president declined to approve the bill following disagreement with the proposed direct primary system for political parties and sent it back for further consideration, we believe it will be great for our electoral process. We therefore hope that the controversy will soon be settled so that the President can give his assent.

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Good news for the Mumbaikars! Uddhav Thackeray announces property tax exemption on residential properties up to 500 square feet https://arabcenter.net/good-news-for-the-mumbaikars-uddhav-thackeray-announces-property-tax-exemption-on-residential-properties-up-to-500-square-feet/ Sat, 01 Jan 2022 13:32:00 +0000 https://arabcenter.net/good-news-for-the-mumbaikars-uddhav-thackeray-announces-property-tax-exemption-on-residential-properties-up-to-500-square-feet/

Ahead of the upcoming Brihanmumbai municipal elections, Chief Minister Uddhav Thackeray, who is recovering from spinal surgery, announced a New Year’s gift to the Mumbaikars on Saturday. As promised by Shiv Sena in his “vachannama,” Thackereay, who chaired a virtual meeting, announced a full exemption from property tax on residential properties measuring up to 500 square feet. He asked the urban development led by his close confidant and leader of Shiv Sena Eknath Shinde to be implemented immediately by completing the necessary formalities.

The government’s decision will benefit nearly 16 lakhs of residences that house lakhs of families in the city. BMC is expected to lose a turnover of Rs 462 crore per year. The Urban Development Department has hinted that it will be implemented from April, as the government will need to issue an ordinance proposing an amendment to the 1888 Mumbai Municipal Corporation Act. However, Urban Development Minister Eknath Shinde said the waiver would apply from January. Thackeray also asked the Department of Urban Development to implement the decision immediately.

The state cabinet, which will meet next week, will approve the Urban Development Department’s proposal and pave the way for immediate implementation.

BMC in 2021-2021 had estimated property tax collection at Rs 6,768 crore, but could raise Rs 4,468 crore due to the covid pandemic and foreclosure. In 2021-2022, the BMC has planned to collect the property tax of Rs 7,000 crore.

Thackeray leaned on his estranged ally, the Bharatiya Janata Party, saying that Shiv Sena does not make big promises like the BJP, but announces “vachananama” with the determination to achieve it.

Shiv Sena is committed to promoting the development of Mumbai. It is the fourth generation of Thackeray who is currently working to take the city’s development to a new scale. I call on all Mumbaikars to continue supporting Shiv Sena and don’t worry because Maha Vikas Aghadi’s party and government are able to take care of everything, especially to fight the current COVID 19 crisis. ” he noted.

Shinde said the move will benefit owners of more than 16 lakh homes up to 500 square feet within BMC boundaries. He noted that the Shiv Sena, who heads the BMC, fulfilled an important assurance he gave ahead of the 2017 BMC elections.

Shinde, in the recently concluded winter session of the state legislature, told the legislature that the property tax on residential properties measuring up to 500 square feet had been completely removed by the government of Maharashtra. He was speaking during the discussion of a bill aimed at not increasing the property tax on residential buildings and land.

The opposition has raised the issue of the property tax exemption for 500 square foot residential properties which includes general tax and other service taxes. The government’s position is also of the same view. course and the decision will be made soon, ”Shinde said in her response.

Former Maharashtra CM and opposition leader Devendra Fandavis had said that only general tax on property tax bills was removed and not all property tax as promised by the leader of the time of Shiv Sena, Uddhav Thackeray.

Knight Frank India Executive Director Gulam Zia told the Free Press Journal: “Last year the reduced stamp duty for buyers brought markets back as well as buyers. The current year, the volume of transactions of 1,12,000 apartments in the BMC zone alone was the best of the last decade and 40% higher than the number before covid. The volume of transactions is increasing. The government’s decision on the property tax exemption will have an impact on BMC’s revenues. However, I expect it to be covered by the rebound in the real estate market, with the mid and high end segments buying apartments like never before. The income gap will be covered by the upper segment. ”

On the other hand, Maharashtra Societies Welfare Association chairman Ramesh Prabhu said the decision should be implemented without any further conditions or restrictions. This will benefit the people who stay in the housing companies. He will look at the trend of building smaller houses in the city, ” he said.

(To receive our electronic paper daily on WhatsApp, please click here. We allow sharing of the PDF document on WhatsApp and other social media platforms.)

Posted on: Saturday January 01, 2022 19:02 IST Source link

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MARKET REPORT: FTSE 100 slips but is set for best year since 2009 https://arabcenter.net/market-report-ftse-100-slips-but-is-set-for-best-year-since-2009/ Thu, 30 Dec 2021 21:51:11 +0000 https://arabcenter.net/market-report-ftse-100-slips-but-is-set-for-best-year-since-2009/

The FTSE 100 is on track for its best year in more than a decade despite a slow trading end yesterday.

The blue chip index closed down 17.68 points at 7,403.01 after a strong rally in recent days.

The Footsie now reaches 14.6% in 2021, which puts it on track for its best year since 2009, when it jumped 22% as the market recovered from the global financial crisis.

Covid recovery: The blue chip index closed down 17.68 points at 7403 after a strong rally in recent days

However, a further drop in the last trading session of the year today could cause it to miss this milestone. Shares have risen as Omicron fears fade, giving rise to hopes that the economy may be spared from further lockdowns.

Marks & Spencer is also heading for a strong performance with the High Street mainstay on track for his best performance since 2009.

While stocks plunged 0.7%, or 1.6p, to 233.2p yesterday, the stock has rebounded around 71% since the end of last year after two updates to its forecast of profits raised hopes of a recovery.

Stock Watch – Secured Income REIT

Real estate investor Secure Income REIT peaked in three months after making a deal with Legoland owner Merlin Entertainments.

He will pay £ 33.5million to extend the leases of Alton Towers, Thorpe Park, Warwick Castle and Heide Park in Germany for 35 years.

The extension means that the leases will now last 55.5 years compared to 20.5 years previously.

It also increases the average duration of the leases of the company’s portfolio to 30 years against 19.2 years.

Secure increased 1%, or 4p, to 416p.

It was the reverse story for grocery delivery giant Ocado (up 0.8%, or 12.5p, to 1,674p), with which M&S created a joint venture in 2019, which saw its course. of the stock market fall by 27% this year.

Ocado, alongside other online shopping groups, cashed in 2020 as lockdowns left customers dependent on deliveries.

However, their stocks suffered in 2021 as restrictions eased and competition resurfaced with traditional rivals.

This is a setback for partner companies, with shares of M&S falling about 27% in the past five years while Ocado has climbed 544%.

Homebuilders were down after analysts at lender Nationwide warned that the booming UK property market was “likely” to slow next year as rising interest rates and the recent surge in property prices. housing weighed on demand.

Robert Gardner, Nationwide’s chief economist, also noted that the stamp duty holiday, which ended in October, “encouraged many people to pre-purchase their homes to avoid additional taxes,” thus reducing the pressure of demand.

The assessment came as the UK average house price hit a record £ 254,822 in December, up 10.4% year-on-year, making 2021 the strongest year for growth house prices since 2006.

However, the negative outlook for 2022 caused Barratt shares to fall 0.6%, or 4.2p, to 745p while Taylor Wimpey slipped 0.9%, or 1.55p, to 175.2p, Persimmon edged down 0.8%, or 22p, to 2857p. and Berkeley fell 1.5%, or 75p, to 4824p.

Meanwhile, mid-cap Bellway fell 0.8%, or 26p, to 3337p while Crest Nicholson fell 1%, or 3.6p, to 369p and Vistry Group lost 1%, or 12p, at 1188.5p.

Oil tanker FTSE 250 Harbor Energy has announced that it has completed drilling its Dunnottar exploration well in the North Sea to a depth of 15,639 feet.

He found “marginal” amounts of hydrocarbons, the compounds that make up oil and gas, that would be valued for any commercial potential. Shares were down 1%, or 3.6 pence, to 350 pence.

Beauty maker Creightons fell 0.9%, or 0.8p, to 87p. In the six months to the end of September, profit before tax fell to £ 2.3million from £ 2.9million a year ago as sales in its hygiene business fell by 11.5 million pounds sterling, dropping overall sales to 30 million pounds sterling from 32.37 million pounds. .

Elsewhere, Atom Energy, a company focused on the production of environmentally friendly hydrogen and ammonia, got off to a steady start by debuting in the junior AIM market.

The shares hit an intra-day high of 87.5p, 9.8% above their 80p price tag in a £ 6million fundraiser that Atom will use to fund projects. But the action ended the session flat, at 80p.

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Auditor General asks agriculture ministry to spend 3.8 billion naira on suspended RUGA https://arabcenter.net/auditor-general-asks-agriculture-ministry-to-spend-3-8-billion-naira-on-suspended-ruga/ Wed, 29 Dec 2021 06:08:16 +0000 https://arabcenter.net/auditor-general-asks-agriculture-ministry-to-spend-3-8-billion-naira-on-suspended-ruga/

Abuja – The Federation’s Auditor General’s Office questioned the Federal Ministry of Agriculture for spending a total of 3.809 billion naira on the rural grazing areas program suspended without presidential approval or Assembly credit national.

The petition is one of eight audit requests against the ministry in the Federation Auditor General’s annual report on internal control non-compliance issues / weaknesses in government ministries, departments and agencies. Federal Government of Nigeria for the fiscal year ended December 31, 2019. ‘

The OAuGF had questioned expenditures totaling N60,795,898,225.84 by the ministry.

Federation Acting Auditor General Adolphus Aghughu presented the report to National Assembly Clerk Ojo Amos on September 15, 2021, while Senate and House Public Accounts committees began an investigation into the requests.

The federal government introduced the RUGA regime in May 2019, but was forced to suspend it in July of the same year due to widespread criticism that followed.

According to the OAuGF, the ministry, in violation of the presidential directive suspending the program, would have launched and disbursed 3.433 billion naira without due process.

The request said in part: “Ninety-five (95) payment vouchers were collected and paid by the RUGA Intervention Fund between August 1, 2019 and September 13, 2019, for a total of 3,433,984,692, 66 N, and the above payments were initiated and paid without due process. after the presidential directive suspending the RUGA project.

The ministry also paid an additional amount of N 375,785,893.75 to certain individuals and companies of the RUGA Intervention Fund through 13 payment vouchers without approval, according to the Auditor General.

According to the report, the payments include 202.7 million naira and 160 million naira paid for transport and other expenses in support of victims of banditry in Zamfara state, and a down payment for outreach visits. and advocacy with the state governor, respectively.

The report quotes the ministry’s leadership as saying: “The action is regretted and is also being investigated.

The office, however, blamed the two expenditures on weaknesses in the internal control system of the Federal Ministry of Agriculture and Rural Development.

The Auditor General therefore recommended that withdrawals from the RUGA Intervention Fund be reimbursed into the coffers of the federal government because they were in violation of the laws in force and the financial regulations of the country.

The report also charged the ministry with extrabudgetary spending of around 48.425 billion naira on contractual liabilities, adding that despite a budget release of 98,044,134,611 naira, representing 99.07% of its 2018 capital allocation, the ministry failed to take the necessary steps to pay eligible contractors, which led to an outstanding contractual liability of N48.425 billion.

The office also accused the ministry of embezzling the sum of 7.737 billion naira allocated in the first quarter while paying for the 2018 investment projects, which were fully funded and released.

The request said in part: “There was no acceptable justification for the use of the capital release of the 1st quarter of 2019 to pay for the 2018 projects”.

The Auditor General therefore demanded that the permanent secretary of the ministry be asked to validly justify the payment of fully funded projects from the 2019 versions.

The office also demanded that the money be recovered and returned to government coffers with evidence forwarded to the National Assembly’s public accounts committees or sanctioned in accordance with financial regulations.

The audit report also accused the ministry of failing to deduct and remit over 89 million naira of stamp duty on contracts in violation of the Federal Treasury circular which requires all MDAs to deduct and remit duty. 1% stamp on the contract agreement before payment is made to the Recipient.

The report further alleged that the ministry paid a value added tax of N24,799,539.17 directly to contractors, in violation of paragraph 234 (ii) of the Financial Regulation (2009), which states that “any loss of revenue tax resulting from direct payment of VAT and WHT to the entrepreneur or failure to provide VAT and WHT due and remit them to the Federal Tax Service by an extra-ministerial ministry / department will be recovered from the statutory allowance the failing extra-ministerial ministry / office and other branches of government. “

The Auditor General further accused the ministry of allegedly violating the federal government’s electronic payment policy as contained in the government circular on electronic payment Ref. N ° TRY / A8 / B8 / 2008 of October 22, 2008.

The office said the ministry paid naira 700,179,314.37 to people other than the direct beneficiaries of these payments through eight vouchers, adding that the ministry’s response to the spending was that “direct payment could not not be made to beneficiaries as they had not yet been registered on the GIFMIS Platform; however, efforts are underway to complete the registration process.

The report also accused the ministry of failing to deduct and remit the withholding tax and value added tax of N 8,886,291.47 from two contractors to the relevant tax authorities, as required by current regulations.

Punch

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