Latest news with #Act
Newsroom
18 minutes ago
- Politics
- Newsroom
The secret to-do list of David Seymour
Monday * Attend my first press conference as Deputy Prime Minister and speak solemnly about international affairs to strengthen the perception I am a world statesman worthy of respect. * Name some worthy academic no one has ever heard of and hold them to ridicule. * RSVP to the birthday party for a child of an influential donor from the Atlas Project. Tuesday * Take credit for the budget cuts to Radio New Zealand to strengthen the perception that Act is a powerful enemy of state-funded left-wing propaganda that attacks Act at every opportunity and gives Labour, the Greens and old scribble-face a free ride. * Increase state funding of Act's comms department. * Confirm that I will be happy to play pin the tail on the donkey at the Atlas Project children's birthday party. Wednesday * Ridicule Labour MP Willie Jackson for his comments that the Regulatory Standards Bill is set up for my mates from powerful corporations who are following their manifest destiny to despoil the countryside in exchange for massive profits which ought not be subject to tax. * Meet mates for drink. * Draw a line in the stand and decline invitation to actually play the donkey that gets a tail pinned to it at the Atlas Project children's birthday party. Thursday * Give Act's comms department the hard word to find someone who has made ridiculing remarks about me so I can whine and complain about it to strengthen the perception I am constantly under attack by the intelligentsia. * Find a way to undermine Luxon. * Find a way to undermine someone who votes Green and hugs trees. * Find a way to undermine somehow who can be described as a Māori fanatic. * Find a way to undermine someone who performs selfless acts for the betterment of society and gives hope to families doing it hard but who is associated with Labour. Friday * Seek private medical treatment for multiple puncture wounds inflicted by rich little brats wielding really sharp pins who seemed to take great pleasure in pinning a donkey's tail all over my body at the Atlas Project children's birthday party. Their parents seemed to enjoy it too. I can still hear their mocking laughter.
Business Recorder
2 hours ago
- Business
- Business Recorder
Tax fraud via bank account to land holder in jail
ISLAMABAD: The person, whose bank account has been used to commit tax fraud, would be considered as 'abettor' and would be subjected to prosecution including punishment/ imprisonment. Thus, the person operating business bank account to facilitate tax fraud would be considered as 'abettor'. The amended Finance Bill (2025-26) has revised the definition of 'abettor'. Key amendments made to Finance Bill: Tax fraud arrests only post-inquiry According to the amended Bill, the 'abettor' means a person who intentionally abets or connives in tax fraud as defined in clause (37) of section 2 or in the commission of any offence warranting prosecution under Sales Tax Act, and includes a person who, prepares, or causes to be prepared with or without authorization of the registered person, invoices for false claim of input tax adjustment. The 'abettor' also included a person who allows use of bank account held or operated by him for abetting tax fraud or other offence warranting prosecution under this Act or unauthorisedly or illegally maintains or operates business bank account in other registered person's name, amended Finance Bill 2025-26 added. Copyright Business Recorder, 2025
Business Recorder
2 hours ago
- Politics
- Business Recorder
Now district judges will hear civil appeals, declares IHC
ISLAMABAD: The Islamabad High Court (IHC), Friday, ruled that instead of the high court, district judges would hear the civil appeals after the Civil Courts (Amendment) Act, 2025. A division bench, comprising Justice Muhammad Azam Khan and Justice Inaam Amin Minhas, declared that in a civil reference titled, 'The Civil Courts (Amendment) Act, 2025 and Transfer of Appeals from Islamabad High Court to District Judges (East) & (West), Islamabad, in pursuance thereof.' The IHC office moved the instant reference and attached a list of cases pertaining to Regular First Appeals filed against the decrees or orders passed by learned civil judges working under the administrative control of the IHC. The list contained 1594 RFAs, which is stated to be tentative. The questions formulated in the reference were included whether amendment made in Section 18 is a matter of procedure and had retrospective effect? and whether High Court can transfer pending appeals to the District Judges on its own motion without notice to the parties to the lis? Justice Azam, who authored the judgment, said that the power of High Court delegated under Section 24, CPC, is further fortified in the judgment passed in Khan Muhammad and others Vs. Ishtiaq Hussain reported as 1987 SCMR 1482. He maintained, 'A statute amending the forum for institution of appeal or that of the Appellate Court during the pendency of the lis will obviously have retrospective effect unless otherwise provided by the subsequent Act. Prior to the instant amendment, appeals against interim orders passed by Civil Judges, where the value of the suit for the purpose of jurisdiction exceeded Rs. 2,500,000/-, were being filed in the High Court.' 'However, it is clarified that now any order passed by a Civil Judge during pendency of the proceedings is appealable before the District Judge. The Office shall also transmit those appeals filed against interim orders to the respective District Judges,' said the IHC. It continued that there is no opposition to this legal proposition or to the course adopted from either side. Resultantly, all the appeals filed against decrees or orders passed by learned Civil Judges, including but not limited to those listed in the annexed list, are hereby ordered to be remitted to the learned District Judges of the respective Divisions, who may entrust the same to the Additional District Judges in the ordinary distribution of work. It further said that given the fact that these appeals pertain to the year 2013, the district judges are expected to place the older appeals on fast track and dispose of the same as per guidelines and policy on the subject. The bench also said that the M.I.T. of this Court is also directed to oversee the distribution of the oldest appeals proactively and ensure their expeditious disposal, and submit periodic reports to this Court. Copyright Business Recorder, 2025
Business Recorder
2 hours ago
- Business
- Business Recorder
Only individuals restricted from cash withdrawals under Section 114C
LAHORE: Only individuals have been restricted from cash withdrawals, as of now, under Section 114-C, said tax experts. Talking to the Business Recorder, Ashfaq Tola said accounts in the names of Association of Persons may also be covered depending upon enforcement of the said provision, however, it is unclear, as definition of person differentiates individuals and AOPs u/s 80. No restriction has been imposed on companies for now. Now, he said, the Act has amended and Section 114C reads: The threshold that was previously to be notified by the federal government is now mentioned in the Fifteenth Schedule. Similar investments to securities or units of mutual funds have also been brought within the ambit of the restrictions in Section 114C (1). Now all accounts (except for Pension and Aasan accounts), not just current accounts of ineligible persons cannot be opened or maintained. Now any person cannot withdraw equal to or more than Rs 100 million in all bank accounts held by an individual. Another, Hussain Sherazi, said only individuals have been restricted from cash withdrawals as of now. Accounts in the names of AOPs may also be covered depending upon enforcement of the said provision. However, it is unclear, as definition of person differentiates individuals and AOPs u/s 80. No restriction has been imposed on companies for now. Similarly, some other experts added that cars unto Rs 7 million can be purchased by persons, including non-filers, without obtaining a certificate of eligibility for such purchase. This may potentially increase the demand for used cars, and adversely affect the market for brand new cars. In addition, under Section restriction 114(1)(b), pertaining to application for registering, recording or attesting transfer of any immoveable property, the threshold limitation has been fixed at more than Rs 100 million for commercial immoveable properties and more than Rs 50 million for residential immoveable properties. The transaction value taken shall be the fair market value as defined under Section 2(22AA) of the ITO. Copyright Business Recorder, 2025
Business Wire
6 hours ago
- Business
- Business Wire
Ampco-Pittsburgh Corporation Announces Closing of Amended and Restated Credit Facility
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation") announced today that it has entered into an amended and restated revolving credit, term loan and security agreement (the "Credit Facility") consisting of a $100 million, five-year asset-backed revolving line of credit and a $13.5 million term loan. The proceeds from the term loan were fully utilized to reduce borrowings on the revolving portion of the Credit Facility at closing. PNC Capital Markets LLC and F.N.B. Capital Markets served as Joint Lead Arrangers, First National Bank of Pennsylvania served as Lender and Syndication Agent, and S&T Bank served as Lender. PNC Bank, National Association, will continue to serve as Agent for the Credit Facility. Clark Hill PLC served as lead counsel for PNC Bank, National Association. Cozen O'Connor PC served as the Corporation's lead counsel. Commenting on the transaction, Michael McAuley, Ampco-Pittsburgh's Senior Vice President, Chief Financial Officer, and Treasurer, stated, "We are very pleased to execute this extended and amended Credit Facility and to continue the strong relationships we have with our lenders to provide liquidity in support of our operations. This facility was structured to offer increased overall lending capacity and greater flexibility to support our global working capital requirements.' About Ampco-Pittsburgh Corporation Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, and Slovenia and participates in three operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the 'Act') provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, 'we,' 'us,' 'our,' or the 'Corporation'). This press release may include, but is not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, timing of orders for our products, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, tariffs and global trade, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed 'forward-looking statements' within the meaning of the Act and words such as 'may,' 'will,' 'intend,' 'believe,' 'expect,' 'anticipate,' 'estimate, 'project,' 'target,' 'goal,' 'forecast' and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; economic downturns, cyclical demand for our products and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations and/or invest in operations that will yield the best long-term value to our shareholders; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; inoperability of certain equipment on which we rely; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; fluctuations in the value of the U.S. dollar relative to other currencies; changes in the existing regulatory environment; consequences of pandemics and geopolitical conflicts; work stoppage or another industrial action on the part of any of our unions; failure to maintain an effective system of internal control; changes in the global economic environment, inflation, elevated interest rates, recessions or prolonged periods of slow economic growth, and global instability and actual and threatened geopolitical conflict; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation's latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.
