Tag Archives: builder

FBR is considering two large builders blacklisted for sales tax breaches | Instant News


KARACHI: The Federal Revenue Council (FBR) has begun the process of blacklisting two major property builders for violating provisions of the Sales Tax Act, 1990, sources said.

The Intermediate Tax Office (MTO), Karachi, the revenue arm of FBR, issued a cause of event notification to M / s Rufi Builders and M / s Usama Builders regarding failure to file sales tax returns for five years (2015 to 2020).

The tax office has suspended taxpayers and directed property builders to explain before March 15, 2021 before the start of the process for blacklisting tax registrations.

Based on the notification issued to the builder, the KPP stated that it had examined the builder’s tax profile for the 2015 to 2020 tax year, which showed abnormal behavior, namely low value added / continued forwarding and nominal or zero tax. payments compared to volume and purchases.

This has resulted in lost revenue to the state treasury, the tax office said, adding that taxpayers were not really a business affair.

MTO Karachi said taxpayers were asked to explain their position through a notification dated February 16, 2021 prior to the suspension. Taxpayers were asked to retaliate before February 23, 2021, but they failed to make compliance and asked for an extension. Therefore, their sales tax registration was suspended.

Online records until Saturday morning on the FBR online portal also show the suspended status of the two taxpayers.

The tax office said the two taxpayers had been asked to appear on March 15, 2021 before the relevant authorities and explain the violation.

The tax office said that if there was no satisfactory or no response, the authorities would continue to blacklist the taxpayers.

.



image source

Builders compete for apartment projects | Instant News


LAHORE:

Dozens of contractors and engineering firms have expressed interest in the LDA City Naya Pakistan Apartments and other major projects in the city.

The Lahore Development Authority (LDA), on Saturday, opened a tender for the narrowing of 768 residential apartments under Package-II of the LDA City Naya Pakistan Apartments scheme. Eleven contractor companies, including National Logistic Cell (NLC), Progressive International, Tetra Engineering, Yasin Brothers, Zareef Khan and Co, GPL, and CAE JV, have submitted their proposals for the construction of 24 blocks each with 32 apartments.

Engineer Technical Member of the LDA Governing Body Amir Riaz Qureshi oversaw the tender opening process together with Chief Engineer Abdul Razzaq Chohan, Finance Director Muhammad Akhtar and Audit Director Javed Akhtar.

The authorities have adopted a two-envelope one-stage tender mechanism. Initially, the authorities open technical bids and after their technical evaluation, they will open financial offers. Previously, for the construction of 960 apartments, the authorities opened two tenders on February 10 and more tenders will open on February 17 and 20.

On this occasion, Engineer Amir Riaz Qureshi highlighted that the Deputy Chairperson of LDA SM Imran will oversee the construction of the LDA City Naya Apartment in Pakistan.

The process of building 4,000 apartments in the first phase will begin during the month in a transparent manner.

Meanwhile, LDA Deputy Chair SM Imran told the media that Prime Minister Imran Khan had agreed to lay the foundation stone of LDA City Naya Apartments Pakistan.

City developers have adopted carrot and stick policies to increase its efficiency. Starting next week, penalties will be imposed on officials for causing undue delays in processing citizen applications.

Published in The Express Tribune, February 14th, 2021.

.



image source

NZ’s largest builder won approval to buy the Riverhead 20ha site for a sprawling residential project | Instant News


Steve Evans, chief executive of Fletcher Housing. Photo / Michael Craig

New Zealand’s largest registered construction business has won state approval to buy country land on the north-western suburb of Auckland for sprawling new housing.

The Foreign Investment Office said last week approval had been given to Fletcher Building’s subsidiary, Fletcher Residential, to buy 20ha from a vendor whose name was withheld and for an amount that was also suppressed.

The agreement came the same month the business sold a controversial site in Mangere for $ 30 million following a deal with the Government to buy disputed Ihumātao land.

Riverhead is now a new focus for a subsidiary led by Steve Evans.

“Fletcher Residential is developing residential land and building new residences. The land acquired is about 20ha of rural land in Riverhead northwest of Auckland,” OIO said last week.

They intend to zoning cropland for urban use in response to Auckland’s fast-growing population and location features, the office said.

“Housing construction will likely be between five and eight years ahead of investment due to previous re-zoning. This is likely to advance the Government’s goal of providing more housing, faster,” the office said.

As one of the largest home builders in the country, the company has made many investments that have benefited New Zealand, he said. The NZX listing on the Fletcher Building also allows New Zealanders to participate in the business, he said.

These are the factors that support licensing.

Damien O’Connor, Minister of Land Information, and Minister of Finance of the Association gave approval. David Parker and Megan Woods are association finance ministers.

Approval is needed because the land is classified as sensitive, it is a large rural land. Approval is also required because Fletcher is classified as an overseas entity: 49 percent Australian owned. Despite being listed here, only 19.9 percent of the shareholders are kiwis. America holds 15 percent and Britain 7 percent.

Fletcher can buy 7ha of land on Riverhead Rd, 1ha again on another block on the same road, about 8ha on Lathrope Rd and another 4ha on the same road.

Lathrope Rd meets Riverhead Rd near the Old North Rd junction.

The only information available about these vendors is that they are 100 percent New Zealand owned.

Gregory Allan of Simpson Grierson acts for Fletcher.

Approaching the comments, Fletcher declined: “It’s a little too early in the development stage for this level of detail, but when we’re ready to announce we’ll be happy to talk to you.”

Fletcher Residential has aroused the ire of the locals in the aftermath buy A 109ha dairy farm near Kumeu where they can build thousands of houses next to Taupaki township by 2045.

In December, The Herald reported on local lawmaker Chris Penk as saying repeated haphazard construction had left northwest Auckland in traffic jams and a shortage of classrooms.

The Auckland Council also expressed concern, saying that Fletcher’s new land lies outside an area earmarked for future urban growth.

That risks disrupting the city’s growth plans and piling up more costs on price payers, he said.

Fletcher Residential lists the locations where it plans to build, build and / or sell homes that are all in Auckland: Beachlands, Glen Innes, Hobsonville Point, Karaka, Ormiston Panmure, Red Beach, Stonefields, Swanson, Te Atatū Peninsula, Waiata Shores and Whenuapai.

In the year to June 30, 2020, Fletcher Residential generated $ 466 million in revenue from residential development, down from $ 639 million the previous year. The business noted the effects of Covid and a lockdown from late March that halted all work except essential construction.

“From March to early May, home sales were negatively impacted by the close of Covid-19 level 4. The absence of sales during these important selling months, as well as delays in house completion, resulted in 666 units being profited in FY20 compared to 755 units a year earlier .

“Home sales activity in May and June was very strong, although most of these sales will be completed in the new financial year. Demand for homes in Auckland in the $ 600,000 to $ 900,000 price range remains strong, reflecting interest from first-time buyers and investors,” the company said. in its annual report.

Trading cash flow for this division was $ 118 million compared to $ 95 million a year earlier. The cash flows included a $ 50 million receipt for the sale of Wiri’s land development, according to Fletcher Residential’s annual summary.

.



image source

China has criticized the Australian Government for “politicizing trade” over the decision to block Probuild sales to Chinese companies | Instant News


The Chinese government has criticized Australia’s decision to block the Chinese company’s $ 300 million bid for Australian construction company Probuild, accusing the Federal Government of further undermining trust between the two countries.

Earlier this week, Probuild announced that China’s State Construction Engineering Company was state-owned has withdrawn his bid after being told Treasurer Josh Frydenberg would block the sale for reasons of national security.

Chinese Foreign Ministry spokesman Zhao Lijian harshly criticized the move late Tuesday, accusing the Australian Government of discriminating against Chinese entities.

“This is the latest example of how the Australian government has politicized trade and investment issues, violated market principles and the spirit of the China-Australia free trade agreement, and imposed discriminatory action against Chinese companies,” he said at a press conference in Beijing.

“It is a mistake to politicize normal commercial cooperation and seek political interference in the name of national security.

Probuild is the Australian subsidiary of the South African company Wilson Bayly Holmes-Ovcon.

The Federal Government has not confirmed it has blocked the sale, saying it does not comment on how it screens individual foreign investment cases.

But one industry source told the ABC that the Government feared the takeover would allow foreign intelligence services to gather information about critical infrastructure in Australia.

Probuild is building the headquarters of biotechnology company CSL in Melbourne, which will soon produce a locally produced COVID-19 vaccine for millions of Australians, as well as a new headquarters for the Victoria Police.

China State Construction Engineering Corporation is one of the largest construction companies in the world.

Last year, the United States Government registered it as a Chinese military company because of its ties to the People’s Liberation Army, preventing investors from taking stock.

The Australian Government introduced tough new foreign investment rules that took effect on January 1 this year, with regulators given greater powers to review and research investments that could have national security implications.

The decision is likely to further inflame tensions between Australia and China.

Bilateral relations sink to historic lows in 2020, with Beijing hitting some Australian products with trade sanctions, while Chinese investment in Australia plummeted.

Last August, Frydenberg also blocked China’s proposed $ 600 million acquisition of Lion Dairy and Drinks by China’s Mengniu Dairy, once again drawing criticism from China.

.



image source

DSP was among the six detained for kidnapping Karachi builders for ransom | Instant News


KARACHI: Anti-Violent Crime Cell (AVCC) arrested a deputy police superintendent (DSP) and five other suspects for their alleged involvement in the kidnapping of a handyman for ransom.

One builder, Shoaib Ahmed Siddiqui, was kidnapped by seven men – four in police uniforms in a mobile van with registration number BDP-149 and three in a Honda Civic – on December 2 from Mughal Hazara Goth in Gulistan-e-Remote Police remits. They handcuffed and blindfolded the builder and moved him to a remote place. Later, a suspect in a police uniform introduced himself as assistant director of NAB and demanded a ransom of Rs10 million, but the builder was only able to arrange one million rupees. The kidnappers also took the builder’s signature on different postage paper before releasing it. The ‘NAB officer’, again called the builder on 7 December and asked him to take Rs700,000 somewhere in North Nazimabad, where the suspect took the money and left, without returning the postage. The builders then approached the Gulistan-e-Jauhar police and registered the case on December 9.

The builder is housed in the Saeedabad DSP office of Rashid Iqbal and the DSP van was used in the kidnapping. Here the police team arrested DSP, its driver, Kapolsek Nasir and gunman Amir Tanoli, as well as three other people. Investigators began looking for DSP Iqbal’s son who was also suspected of being involved in the kidnapping.

.



image source