March 13 layout 1

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pAkIStAN’S FIrSt INDepth NewSpAper oN cuStoMS

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Karachi, Mon March 13, 2017

ISLAMABAD

M FAIZAN

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he Federal Board of Revenue (FBR) has collected Rs 2,609 million withholding tax on immoveable property from the account of sellers during eight months of the current Minancial year (from July 1, 2016 to February 28, 2017) and a total of

131,981 transactions were made during this period. The FBR collected Rs 1,058 million through 106,399 transactions during the same period of the last year (from July 1, 2015 to February 28, 2016).

The FBR collected Rs 1,180 million in 10,451 transactions as compared to collections during the same period of the last year. In July 2016, the FBR collected Rs 137 million in 10,617 transactions while in July

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2015, the FBR collected Rs 110 million in 10,452 transactions. In August 2016, the FBR collected Rs 319 million in 17,728 transactions. In September 2016 FBR collected Rs313 million in 15,966 transactions while in September2015 FBR was collected Rs 159 million in 13,277 transactions. In October 2016 FBR collected Rs 330 million in 17,331 transactions and in October 2015 Rs 156 million in 16,522 transactions.

FBR collects Rs 2,609mWHT on immovable property from July 2016 to Feb 28

Statutory auditors under Securities and Exchange Commission of Pakistan spotlight

Customs service changing from revenue collecting agency to law enforcing agency

3 Indonesians arrested on suspicion of drug smuggling

Pakistan,Switzerlandto ink accord to check tax evasion,get access to bank accounts

The FBR has collected Rs 2,609 million withholding tax on immoveable property | See pAge 01 |

In the wake of recent defaults by some brokers, the SECP is critically reviewing | See pAge 02 |

Research and training are immensely important for development and growth | See pAge 04 |

Malaysian Police detained three Indonesians during a raid in a rented room | See pAge 07 |

Pakistanisgoingtosignanagreementwith SwitzerlandonMarch21ontheexchange | See pAge 08 |

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UBL shares fall on layoffs rumour KARACHI: The rumor spread quickly. And the United Bank Limited’s (UBL) share took a nosedive intraday trade on talks that the top management of the bank was sacked.

The UBL and the State Bank of Pakistan (SBP) strongly rejected the reports, terming them as baseless rumour. “The Board of Directors (BoD) of UBL repose fullest confidence in the President and CEO, Mr. Wajahat Husain and the management team of the bank,” UBL said in a statement to clarify the situation.

“The BoD strongly rejects all rumours being spread on this matter.

Monday March 13, 2017

Business

Statutory auditors under Secp spotlight ISLAMABAD

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n the wake of recent defaults by some brokers, the Securities and Exchange Commission of Pakistan (SECP) is critically reviewing the role of statutory auditors working for brokerage houses.

In this regard, the SECP has sought information from six auditors to assess the audit quality.

The Securities Act 2015 assigned certain speciMic responsibilities to statutory auditors of brokerage houses, in particular regarding client assets. An ofMicial of the SECP said an inquiry has revealed that few auditing Mirms were acting as

cotton price rises KARACHI

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statutory auditors for a large number of brokers.

“We found that only two auditing Mirms are working as statutory auditors for about 100 brokers,” the

remittances from Saudi, gulf countries decline 14.9 percent

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uyers remained in the forefront on the cotton market amid fear of shortage and high prices on the world market. There was brisk buying from the outset and many leading spinners tried their best to get hold of as many stocks. Ginners were also encouraged to sell on higher bid offers made by many spinners. The fact that the next cotton season will take four to five months to start caused panic among spinners who now seem to be little interested to import due to high prices on the world market.

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ofMicial said. “And the most serious issue is that one of these Mirms had audited the accounts of three brokers who recently defaulted,” he added. These facts were uncovered

as the SECP continues to conduct an inquiry against recently defaulting brokers based in Karachi, Lahore and Islamabad. During the process, the conduct of the said auditing Mirm also came under scrutiny.

SECP Chairman Zafar Hijazi said the three brokers who defaulted were under surveillance of the commission and were issued several warnings for purchases beyond their capital capacity. The SECP is initiating measures to prevent such cases in the future while a market intelligence system to check wrongdoings has been introduced, which would work in close cooperation with the State Bank of Pakistan.

“This mechanism shall enable the regulators to act more proactively to minimise losses to unsuspecting investors,” Mr Hijazi said.

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KARACHI

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n a worrying development for the country’s economic managers, overseas Pakistani workers sent $1.48 billion in February 2017, down 6.9% compared with the same month of the previous year, according to data released by the State Bank of Pakistan (SBP).

Total remittances in the Mirst eight months (July to February) of Miscal year 2017 have come down by 2.5% to $12.36 billion from $12.68

billion in the same period last year.

Remittances play a major role in stabilising Pakistan’s external sector, as they make up almost half the import bill and cover deMicit in the trade of goods account.

Pakistan’s remittances, like many other developing countries, have come under pressure due to world economic slowdown mainly because of low crude oil prices.

However, the situation in Pakistan is considered more problematic because of pressure on foreign exchange reserves. Country-wise details for the month of February

2017 show that inflow of remittances from Saudi Arabia – the country that hosts the largest diaspora of Pakistanis (about 2.2 million) in the world – came down to $404.4 million compared with $475 million in February 2016.

According to Saudi media, the Kingdom of Saudi Arabia has deported more than 39,000 Pakistanis in the last few months. Analysts say job losses due to record low oil prices and growing security concerns are some of the major reasons why the kingdom is fast deporting foreigners.

car sales lost speed in July-Feb KARACHI

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ales of locally produced cars were down 0.5 per cent to 121,275 units in July-February as compared to the same period a year earlier. However, February sales were down six per cent yearon-year to 17,119, the Pakistan Automotive Manufacturers Association (PAMA) said. Combined sales of Honda Civic and City climbed nearly 54pc to 24,325 during the eight-month period while Toyota Corolla sales dropped 6.7pc to 35,501. Suzuki Swift sales rose 10pc to 2,873 units and that of WagonR by nearly 80pc to 10,812 units. Sales of Cultus, whose new model is coming out in the current quarter, increased marginally to 10,220 units, whereas Mehran sales were flat at 24,462. In contrast, Bolan sales plummeted 44pc to 13,281 after the end of Punjab Taxi Scheme. In light commercial vehicle, vans and jeeps, sales of Toyota Fortuner rose to 568 from 368 units a year ago while there was nil production and sales of Sigma Defender as compared to 191 and 172 units in the same period of the preceding fiscal year.

Sales of Suzuki Ravi another beneficiary of the Punjab Taxi Scheme nearly halved to 12,519.

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ogra asks Lpg producers to submit accounts to revise prices ISLAMABAD

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he Oil and Gas Regulatory Authority (Ogra) asked the producers of liqueMied petroleum gas (LPG) to submit their accounts to help the regulator in setting the fuel’s price at a reasonable level. At this stage, “the reasonability of locally produced LPG price has been worked out based on the rationale

and reasonability at each level of supply”, an Ogra spokesperson said, adding that the regulator upheld the rationale and reasonability of the price it Mixed last month.

The LPG pricing has been at the centre of controversy over the last few weeks. The LPG producers have been critical of prices set by the regulator, saying it did not take into account market dimensions and legal requirements. Last week, they asked the petroleum ministry to intervene

at government level and revoke prices notiMied by the regulator.

A former chairman of Ogra also explained that the regulator was also deviating from the LPG pricing mechanism applied previously. He said the regulator used to set “reasonable” LPG prices on the basis of Saudi Aramco contract price (CP) based on butane and methane contents of 40:60 per cent on a monthly basis, but it was now doing so on the basis of average of three-month

CP price. He said that apart from import parity of CP price, the consumer price also used to include distribution and marketing margin for local companies approved by the government and Mixed sales tax rate to ascertain “price reasonability”. All other factors remain unchanged except the three-month average of import price. The oil industry and Ogra are also at odds over the fee structure recoverable from oil companies and reMineries and are Mighting a le-

gal case in courts. The regulator questioned the rationale put forth by the LPG companies and seeking the government intervention. “LPG companies are contesting an incorrect claim that Ogra did not cater to the costs and thus tantamount to halting supplies,” the Ogra spokesperson said. He said Ogra once again directed the LPG companies to substantiate their claims and provide relevant data in support for its consideration.

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Monday, March 13, 2017

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LAHORE

M hAYAt

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esearch and training are immensely important for development and growth of any organization, so they must never be done away anyway. The customs service has been playing a vital role in collecting important revenues but the need of imparting training to customs ofMicers has increased enormously because at present it is also being considered as an eminent law enforcing agency worldwide.

These views were expressed by Directorate General of Training and Research (Customs) Lahore Director Saima Shahzad in an exclusive interview to Customs Today here the other day. Saima Shahzad, known as an outstanding, upright and devoted customs ofMicer in the department, did her Masters in English in 1994 from Kinnaird College Lahore, qualiMied CSS in 1995 and joined Customs Group in 1996. She has worked at various collectorates/directorates in Pindi and Lahore. She has also worked in Sales Tax for Mive years.

She has got numerous short-term and long-term trainings in the country as well as abroad. She was posted as Director, Directorate General of Training and Research (Customs) Lahore in October 2016.

During a recent interview, she remarked “training was her passion and that her team was totally committed to improving the training strategy and modules.”The role of Customs Service is changing from being a strictly revenue collecting agency to a law enforcement agency therefore the need for imparting relevant training has now increased manifold. Answering a question on new initiatives undertaken by the DGTR (Customs) Lahore, she informed Customs Today that 112 newly recruited sepoys from all the directorates and collectorates of the central region recently completed their physical two-month specialized academic training programme.

The training was arranged by the Directorate General of Training and Research (Customs) Lahore in collaboration with the Civil Defence Training School, she added, saying sepoys were taught customs bylaws, rules and procedures in addition to other relevant modules.

They were also trained for disaster management, bomb

disposal and other safety and security techniques by the Civil Defence authorities, she shared, adding she was satisMied with the newly recruited sepoys’ training.

In addition to that, DGTR (Customs) Lahore regularly holds Mandatory Capacity Building Programmes for BS 107-20 ofMicers of the Pakistan Customs, the director elaborated.

“Other multiple relevant trainings are being imparted to the customs workforce of BS 1-16. Under the external outreach programme, DGTR Customs regularly arranges relevant trainings for members of the business community like LCCI, SMEDA, American Business Forum, Pakistan Tanners Association, APTMA, PAAPAM and Pakistan Furniture Council, she informed.

DGTR (Customs) Lahore has also initiated a need based training programme through which trainings are arranged after taking into consideration the needs for the Mield formations according to which a crash course on investigation and prosecution was held at the DGTR (Customs) Lahore ofMice which was greatly appreciated by the participants.

toms) r (cus t g D , t atory to tha M and ition s d d l d o a In ly h or BS gular mes f e r m a e r r , L aho g p ro g stoms an cu uildin t B s i y k t i a the p c apac d ers of c orate ffi o 0 r elab o t c 107-2 e r i the d

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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore

eDItorIAL

eco: path to regional integration

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he delegates at the Economic Cooperation Organisation Summit, including five heads of state and three heads of government, have expressed the resolve to work together for the collective benefit of the people in the ECO region. All the member states of the organizations are facing various economic challenges and the high profile get together provides an opportunity to enhance mutual cooperation and resolve the issues among them. The member states have appreciated the China-Pakistan Economic Corridor,terming it a far-reaching initiative which will work as a catalyst for development of the entire region.It is a good omen that the presidents of Iran, Turkey, Azerbaijan, Turkmenistan and Tajikistan, as well as the prime ministers of Kyrgyzstan and Kazakhstan and deputy prime minister of Uzbekistan participated in the summit, but unfortunately Afghanistan has lost a best opportunity to plead its case at the international forum and is busy in hurling “threatening requests” to Pakistan to open its border with Afghanistan. It is the unfortunate part of the country which voted against Pakistan to block its entry into the United Nations and its leadership did not mend its ways decades after starting hostile attitude against Pakistan at the behest of India.

However, the leaders participating in the summit reiterated their political commitment to achieve mutual aims and objectives and they joined hands for peace, stability, economic development, prosperity and regional integration among the member countries. The delegates adopted the Vision 2025 and reviewed their goals which were laid down in the post 2015 Development Agenda.At the home front, the political leaders in Islamabad are crediting the government for perusing Afghanistan not to boycott the summit, but the participation of that country through a lower rank official is not only an insult to the diplomatic norms but also for the whole member states of the organizations. Islamabad would have allowed Afghanistan to suffer in isolation in the regional perspective until their leaders come to reasons. The summit expressed concern over unresolved issues between Armenia and Azerbaijan, but failed to mention anything about Kashmir which shows how the country is defensive in its foreign policy.

perils of increasing loans T

LAHORE

Dr AFtAB AFZAL

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he government is going on the path of previous Pakistan People’s Party government with regard to the economic policies as one loan programmes ends, it starts a new one. Every government of the world takes loans for development projects but the Pakistani government gets loans for debt servicing or to maintain foreign exchange reserves at a certain level. According to the data of the Ministry of Finance and Economic Affairs, the government has obtained at least $4.6 billion assistance over the past seven months, including $1.9 billion from China, $1.2 billion from for-

eign commercial banks and at least $1 billion through Sukuk Bonds. The money raised from commercial banks and Sukuk Bonds would utilized on budget Minancing and maintaining foreign currency reserves. According to experts, obtaining loans for nondevelopment projects will create a difMicult situation for the next government when it will have to make additional borrowings for debt servicing. The government had planned to get annual economic assistance of $8 billion for 201617 but out of which it has already obtained $4.6 billion during the last seven months. China has emerged as the biggest donor and investor in Pakistan in recent years and the government looks toward Beijing to get money to

meet the balance of payment requirements. Islamabad has either received or is likely to receive $1.3 billion from Chinese government and its commercial banks to meet the growing demand of cash and no one knows where the frequent acceptance of loans will lead the country to. The government has already obtained $700 million to meet budgetary and balance of payment requirements. This is addition to the burden of investment loans the country is receiving under China-Pakistan Economic Corridor. The volume of loans increasing bit by bit and day by day and unfortunately many loans are obtained and spent in non-development sectors. According to the government’s own sources, the country will have to return at least

$6.5 billion to the external creditors in the next 15 months under the head of public debts. As a result, debt management and debt servicing will be a major issue for the economists in the country as the government has obtained a total of $25 billion loans during its three year tenure. The economists fear that the positive variables of the national economy will be lost if the government failed to stop taking foreign loans. The government has successfully maintained Minancial stability but on the crutches of loans. The country is heading towards consumer economy and if the government cannot enhance its exports, at least it should increase the capacity of the industrial sector to produce consumer goods to meet the local demand.

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Thailand to stop sugar subsidy by year-end Monday March 13, 2017

World

BANGKOK: The government will stop subsidising sugar production and drop domestic control of consumer prices for sugar by the end of the year, a Ministry of Agriculture official said on Tuesday.

Brazil challenged Thailand at the World Trade Organization (WTO) in March last year, arguing that Thailand’s subsidies for sugar producers have dragged down global prices. “Our new policy will be to let the price of sugar match that of the global markets whereas before it was under the control of the Ministry of Agriculture,” Buntin Kotesiri, administrative director at the Sugar and Cane Producing Board, told Reuters. “We expect these changes to come into effect at the end of the year during harvesting season.”

Mr Butin said the move was in response to Brazil’s challenge.

3 Indonesians arrested on suspicion of drug smuggling

Dubai customs officer jailed for accepting bribes DUBAI

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KUALA LUMPUR

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alaysian Police detained three Indonesians during a raid in a rented room in Batu Niah on suspicion of drug smuggling.

Miri Police chief ACP Khoo Leng Huat said the suspects comprised two men and a woman, aged between 24 and 42. “Also seized during raid were 14 small plastic packets containing syabu weighing 39 grams and worth RM7,800 as well as a digital weighing scale,” he said in a statement. He said urine screening found one of the suspects, a 24-year-old man positive for amphetamine.

Meanwhile, Malaysian AMMB Holdings Bhd’s earnings rose 4.3% to RM313.16 million in the third quarter ended on Dec 31, 2016 from RM300.15 million a year ago. The banking group announced its rev-

Ban on Irish sheepmeat lifted

by Saudi Arabia he Minister for Agriculture, Food and the Marine, Michael Creed, has confirmed that Saudi Arabia’s ban on imports of sheepmeat from Ireland has been lifted. The Minister confirmed the news today, on the last day of the ministerial-led trade mission to the Gulf States.

Saudi Arabian authorities have signed a decree lifting the ban on Irish sheepmeat, Department of Agriculture officials said. While the full details on the access have not yet been disclosed, it is understood that further details will be made available by Saudi Arabia next week. The Minister said that in order to get access a lot of technical work goes on, but meeting on a political level does also deliver.

Earlier this week, the Minister secured enhanced access for Irish beef to Saudi Arabia. –CB Report

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enue for the quarter however, fell 6.6% to RM1.977bil from RM2.116bil. Earnings per share were 10.42 sen compared with 9.99 sen.

For the nine months ended Dec 31, 2016, its earnings dipped 3.2% to RM988.79mil from RM1.022bil in the previous corresponding period. Its revenue slipped to RM6.14bil from RM6.31bil a year ago. Commenting

on the results, it said the Q3 earnings were up 4% from the second quarter.

Its interest income grew 5% on higher net interest margins (NIM) of 2.02% (up 10bps) reMlecting active margin management. “Given the heightened pressures on the Malaysian bond market, our result for the nine months under review was impacted in terms of non-interest income.

hong kong home prices surge to all time high in January

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ome prices in Hong Kong, the least affordable city in the world, hit another all time high in January, the latest government data shows. The home price index in January rose 0.62 per cent to 309 from 307.1 in December, extending a 10 month-rise, accroding to data from the Ratings and Valuation Department. On a year-onyear basis, prices rose 10.75 per cent. Prices have continued to rise despite government efforts to cool

the sizzling property market by raising the stamp duty to 15 per cent of the transaction values across the board, exempting Hong Kong residents who do not own any property. Large units of 70 to 99.9 square metres saw prices up 0.73 per cent in January on month, while small units in size of 40 square metre or below rose 0.59 per cent. The rental index in January rose to 174.7, a gain on 1.04 per cent from December. –CB Report

ubai A customs ofMicer has been jailed for six months for taking a total of Dh30,000 in bribes to allow cargo dhows to sail out of Dubai Creek without being searched. The Dubai Court of First Instance convicted the Emirati ofMicer of taking Dh200 in bribes from captains of cargo dhows after stamping the exit permits and allowing them sail away without being actually searched during 2016.

Presiding judge Fahd Al Shamsi also Mined the defendant Dh30,000 [total amount of the bribes]. The defendant had pleaded not guilty and refuted the bribery charges.

The accused was apprehended in a sting operation after he charged an Iranian captain Dh200 and stamped for him the exit permit without actually searching his dhow. The de-

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Asian markets welcoming Swiss wine

aud, a French speaking Canton near Lake Geneva, was the sole focus at a Swiss wine tasting organised by Hong Kong’s Swiss wine importer, Swiss Wine Shop, and its wine trade organisation, OfMice des Vins Vaudois (OVV), this week in Hong Kong. Producing about 25% of the country’s total wines, the region is home to a UNESCO site, Lavaux, an area known for its beautiful, terraced vineyards.

The majority of its wines are consumed domestically and less than 2% of the wines are exported.

Trailing behind Germany and the UK, Asia has slowly emerged on

India revises tax treaty with Singapore

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NEW DELHI

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ndia’s revised tax treaty with Singapore, aimed at checking roundtripping of funds, has come into force. While most clauses of the amended treaty signed on December 30 took effect from February 27, the principal clause allowing levy of

capital gains tax on investments routed through Singapore will come into force from April 1.

“The Third Protocol amending the existing Avoidance of Double Taxation Agreement (DTA) between Singapore and the Republic of India entered into force on February 27, 2017,” a statement issued by Ministry of Finance of Singapore said.

It further stated that “the 3rd

fendant stamped a number of exit permits and allowed several cargo dhows, according to records, to sail away without being searched between June and October 2016. The Emirati had admitted to prosecutors that he was stationed at Al Shindagha and used to charge captains Dh200 for allowing them to sail out of Dubai Creek without being searched. The defendant said in October an Iranian captain came to him to request him carry out the search procedures and was apprehended after he collected Dh200 and went to check the dhow.

Records said the accused signed a written confession about what had happened. Sunday’s ruling remains subject to appeal within 15 days.

Meanwhile, The cost of living in Dubai and the rest of the emirates went up this year, with the overall inMlation rising by 2.3 per cent in January compared to a year earlier. The latest report released on Sunday also noted a .70 per cent rise in the consumer price index (CPI) for January.

protocol signed on December 30, 2016 entered into force on February 27, 2017 and its provisions shall take effect from February 27, 2017 except for Articles 2, 3 and 4 which shall take effect from 1 April 2017.”

India had in May last year signed a revised tax treaty with Mauritius, triggering a change in the Double Taxation Avoidance Agreement

the map after Swiss wines were first exported here a few years back, Benjamin Gehrig, project manager of OVV. Speaking of Vaud’s predominant white grape variety, Chasselas, the trade ofMicial revealed that it is taking off in Japan, thanks to its low acidity and low alcohol level (usually just around 12%). “More than 60% of grapes planted in Vaud are Chasselas, and it has been very popular in Japan since we started exporting there,” he explained, even going further to call Swiss wine, a novelty in Asia, “the best kept secret of Switzerland”. –CB Report

(DTAA) with Singapore.

Mauritius and Singapore are among the top sources of foreign direct investments into India and also account for a big chunk of total inflows into the country’s capital markets. Under the amended treaty with Singapore, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 percent of the prevailing domestic rate.

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Faisalabad ASO confiscates 800-kg smuggled cloths FAISALABAD: The Anti-Smuggling Organization (ASO) has seized smuggled cloths worth Rs800000 involving duty and taxes of Rs 250000.

Sources told Customs Today that Additional Collector Saeed Asad received a tip-off regarding the smuggling of foreign origin cloths. He formed a team, comprising Deputy Collector Rizwan Khan, Superintendent Saeed Akhtar Joiya, Inspectors Khalid Ashraf Noor, Mehmood Ahmed Dogar, Sepoys Ali Zahid, Muhammad Khalid Dogar, Afzal Hussain, Muhammad Naeem, Muhammad Ashraf and Liaqat Ali to foil the bid.

Monday, March 13, 2017

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pakistan, Switzerland to ink accord to check tax evasion, get access to bank accounts KARACHI cuStoMS BuLLetIN report www.customsbulletin.com

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akistan is going to sign an agreement with Switzerland on March 21 on the exchange of information regarding bank accounts. Swiss authorities have agreed to provide information about Pakistani accounts in Swiss banks. Several meetings were held with the Swiss authorities and now they have invited Pakistani ofMicials to sign the agreement. The Swiss government demanded Islamabad to lessen taxes in order to have access to the information.

After making this convention operational, it will be impossible to keep tax evasion money in these countries. Under the agreement, the government will be able to get information about banks accounts operated by Pakistanis in Switzerland.

Finance Minister Ishaq Dar, in a policy statement in the National Assembly, said Pakistan had already signed the Multilateral Convention on Tax Matters with Organization for Economic Cooperation and Development (OECD) on September 14, 2016 which was going to be operationalized next year.

He said Pakistan is the 104th member of the Organization. He said after the operationalization of this convention, it will be impossible to keep tax evasion money in these countries. Finance Minister Ishaq Dar in his May 14, 2014, statement

had informed the National Assembly that at least $200 billion of Pakistani money was stashed away in Swiss banks. The minister had told the house in a written reply that the government was engaging with Swiss authorities to get to the

money, hidden away by various Pakistani nationals.

Giving background, the minister said the process had started way back in 2013 when he had proposed to federal cabinet to allow the Minance ministry to enter into a new

agreement with Swiss authorities by revisiting the previous treaty of 2005 about minimum exchange of information.

He said initially the Swiss authorities had proposed strict conditions for such an agreement.

Shc adjourns hearing of case filed by Ijaz Ahmed till March 20 KARACHI

M B rANA

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two-member bench of the Sindh High Court (SHC), headed by Justice Aqeel Ahmed Abbasi, has directed the counsel for the petitioner to come prepared and satisfy this court about maintainability of the instant petition on the next date of hearing.

The court issued the directions on a constitutional petition Miled

by Ijaz Ahmed, a senior lawyer of the Sindh High Court and Supreme Court against reopening and selection of his case for audit through computer ballot by the FBR. The court also observed that prima-facie it appears that the instant petition Miled on mere issuance of notices does not suffer any jurisdictional error.

The court issued notices to the tax authorities and the deputy attorney general, directing them to Mile their respective comments on the next date of hearing. The court

also passed interim order and directed the tax department not to pass any Minal order till the next date hearing. The court adjourned the hearing for March 20, 2017.

During the hearing, counsel for the petitioner expressed his grievance against reopening of the case for the tax year 2011 to 2015 under section 122(5), 122(9), 176 and 177(1) and under section 182 (2) of the Income Tax Ordinance, 2001, therefore, selection of the case of petitioner for the tax year 2015 through computer ballot by the FBR under section 214-C of the Income Tax Ordinance, 2001,

on the grounds that a common controversy amount received by the petitioner is respect of maturity of the TDRs on which withholding tax has already been paid by the petitioner.

He further submitted that despite explained the nature of the transaction in detail the respondents intend to tax the said income again through impugned notices, the entire proceedings against the petitioner amount to abuse the process of law. Learned counsel further submitted that the issue relating to selection of the case for audit by the FBR has al-

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ready been challenged in other petitions, wherein, similar notices issued by the tax department.

In support of his contention, learned counsel has placed in record copy of order passed by this court and requested that notice in the instant matter may also be issued to the respondents who shall be retrained not to take any coercive action against the petitioner pursuant to impugned notices till decision on the instant petition, whereas, instant petition may be directed to be Mixed along with aforesaid petitions on the next date of hearing.