March 19 layout 1

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pAKIStAN’S fIrSt INDEptH NEWSpApEr oN cUStoMS

Daily

Vol 1 Issue No. 312

Karachi, Sat March 19, 2016

SIALKOT

SALEEM AWAN SHEIKHU www.customsbulletin.com

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he Inland Revenue (IR) Enforcement Collection Unit of the Federal Board of Revenue (FBR) has barred over 5,000 citizens from selling their vehicles due to nonpayment of taxes.

The FBR issued letters to all provincial secretaries

and Excise and Taxation Department director generals with a list of tax defaulters. The ofOicial said that department took action against the defaulters following direction of FBR Chairman Nisar Mohammad Khan.

In the list, the FBR has provided details of the accused persons, including their names, addresses and national identity card numbers as well as outstanding dues against them. The

Price Rs. 14.00

board has directed the ofOicials to bar them from selling their vehicles.

Meanwhile, the Excise and Taxation Department in all provinces has alerted the Motor Registration Authority to stop the sale of defaulter vehicles. Sources said that all staff of the Motor Registration Authority has been authorised to impound the vehicles, besides directing them to release the impounded vehicles after the clearance of taxes.

FBR extends Voluntary Tax Compliance Scheme till March 31st

Faisalabad Customs seizes smuggled goods worth Rs 1.30m in March

Ishaq Dar chairs briefing session on IDA-18 Replenishment

IR Intelligence detects Rs 50m tax evasion by National Medical Centre

Algeria keen to enhance trade with Pakistan: Envoy

The FBR has further extended the date for filing of tax returns from March 31 | SEE pAgE 02 |

Customs authorities of Faisalabad seized smuggled items worth Rs 1.30 m | SEE pAgE 03 |

Ishaq Dar here chaired a briefing session on the IDA-18 Replenishment process | SEE pAgE 04 |

The IR unit of the Directorate of Intelligence has detected tax evasion | SEE pAgE 12 |

Ambassador of the People’s Republic of Algeria,LakhalBenkelaisaidthathiscountry | SEE pAgE 09 |

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SRB receives Rs 39.242b in first eight months Saturday, March 19, 2016

KARACHI: Sindh Revenue Board (SRB) has generated revenue of Rs 39.242 billion in first eight months of the ongoing fiscal year.

While talking to Customs Today, Tax Advisor Muhammad Mushtaq said that SRB is trying to detect new service departments to increase revenue collection. Therefore, SRB is going to adopt new strategies to collect 14 percent of sales tax from Fair & Exhibition and public relation services.

He said that SRB is initiating a crackdown operation against the agents who are selling Pakistani stalls in dollar, dirham and euro currency in international exhibitions.

National

fBr extends Voluntary tax compliance Scheme until March 31

IHc single bench to hear tax reference filed by ogrA ISLAMABAD

NAEEM ULLAH tArIQ

LAHORE

M HAYAt

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he Federal Board of Revenue (FBR) has further extended the date for Oiling of tax returns from March 15 to March 31 to facilitate traders under the Voluntary Tax Compliance Scheme (VTCS). The FBR also extended the date of Oiling returns for individual Oilers to March 21, FBR spokesman Dr Mohammad Iqbal said.

The spokesman, however, said Withholding Tax (WHT) would be charged from non-Oilers on bank transactions at the rate of 0.4 percent instead of 0.3 percent until March 31. There would be no further extension in the date for Oiling of returns and non-Oilers would be charged WHT at the rate of 0.6 percent after March 31, he added.

Dr Mohammad Iqbal said the non-Oilers would also be served notices after the new deadline. Since the Computerized National Identity Card (CNIC) had now been made tax number so no non-Oiler would not be able to deceive the tax collecting authority. All their bank transactions would be detected through their CNICs, he added.

Meanwhile, The Federal Board of Revenue (FBR) has asked the nonOilers to take beneOit of the Voluntarily Tax Complaint Scheme (VTCS) and Oile their returns within the due

single bench of the Islamabad High Court (IHC) will hear one tax reference, seeking court’s directions to refrain the Federal Board of Revenue (FBR) from recovery of around Rs 1.362 trillion from Oil and Gas Regulatory Authority (OGDCL).

The bench comprising Justice Aamer Farooq would hear the reference. The appellant, OGRA, had filed the petition in which it had respondent to the Large Taxpayers Unit’s, Islamabad, including the Federal Board of Revenue (FBR) chairman, Inland Revenue (Appeals) commissioner, Inland Revenue commissioner (Companies-Zone) and the Inland Revenue additional commissioner. The appellant had challenge the LTU’s Amended Assessment Order, dated, February 17, 2016, creating demand of outstanding Rs 136,274,249,852 for the tax year 2015 in head in head of various taxes and duties. The appellant had prayed the court to order Commissioner Inland Revenue (Appeals) and Commissioner Inland Revenue (Companies-Zone) to refrain from effecting recovery proceedings according to amended assessment order and to direct Commissioner Inland Revenue.

date. OfOicial sources said that it was unlikely to extend the date for Oiling of returns, adding that the Computerized National Identity Card (CNIC) has been made as the tax number and non-Oilers would not be able to deceive the tax collecting authority as their transactions would be detected through their CNICs. The board is unlikely to extend the date and would start charging withholding tax at the rate of 0.6

percent besides serving non-compliance notices to the non-Oilers, a senior ofOicial in the board said.

The Federal Board of Revenue’s (FBR) Regional Tax OfOices (RTOs) in Lahore and Bhawalpur have received as many as 952 tax returns under the Voluntary Tax Compliance Scheme (VTCS) and collected tax of Rs 91.502 million by March 10, 2016. According to FBR data, the Regional Tax OfOice Lahore received as

many as 520 returns under VTCS and received tax of Rs 40 million till the date. The Regional Tax OfOice -II Lahore received 263 returns with tax amounting to Rs 28.540 million under the scheme.

Similarly, the RTO Bahawalpur received 169 returns and collected Rs 22.926 million. It is pertinent to mention here that FBR has set March 15 the last date for Oiling returns of tax for non-Oilers.

Ishaq Dar reviews foreign, domestic investment F

ISLAMABAD

M fAIZAN

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ederal Finance Minister Ishaq Dar has chaired a meeting to review the overall situation of foreign and domestic investment in the country. Board of Investment Chairman Miftah Ismail, FBR Chairman Nisar Mohammad, BOI secretary and senior ofOicials of the Ministry of Finance also participated in the meeting.

Miftah Ismail briefed the meeting about the incentives being offered to investors as well as the measures being taken by the BoI for facilitating them.

He stated that investment had started to pick up with the improvement in economic conditions and increased availability of electricity and gas in the country. He stated that borrowing by the private sector had greatly increased over the last two years, which was a healthy trend. The Chairman BOI

also suggested various new measures which could be considered for introduction through Budget 201617, for enhancement of investment in various sectors in the country. he Finance Minister on this occasion said that the government was now fully focused on consolidating the economic gains and accelerate growth in the economy. He emphasized that higher investments in industrial sector was essential to create job opportunities for the youth.

He directed BoI and FBR to work

out the details of further incentives, which could be offered as part of the budget 2016-17. Meanwhile, Finance Minister Dar chaired a meeting to review the Oinancial status of PIA. Secretary Aviation gave a detailed brieOing on the Oinancial situation of the airline. He explained that various steps had been taken n the recent past to improve the performance of the national Olag carrier, which had yielded positive results. The airline however, needed continued Oinancial support of the

government to continue its operations. He presented the Oinancial requirements of PIA during the next quarter ending in June 2016. The meeting noted that the recent strike

by PIA employees had resulted in a loss of Rs.4.3 billion to the airline, and had accentuated itis Oinancial problems.The Finance Minister directed the Ministry of Finance to work together with Aviation Division and PIA with a view to provide the resources necessary to ensure continued operations of the airline.

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Lahore RTO-II collects Rs 42m thru 389 returns under VTCS LAHORE: Regional Tax Office (RTO)-II has collected Rs 42 million through 389returns it received under the Voluntary Tax Compliance Scheme (VTCS), FBR data showed onday.

It is pertinent to mention here that FBR had set March 15 the last date for filing returns of tax for non-filers and the deadline would end by Tuesday midnight. The government, at the beginning of this year had announced VTCS, a text amnesty scheme to facilitate non-filers to register themselves in the tax net. For the facilitation of the filers, the government also provided extensions in the date and the last date for filing was fixed March 15.

fBr decides to start crackdown on fake firms that receive tax refunds

Saturday March 19, 2016

National

faisalabad customs seizes smuggled goods worth rs 1.30m

KARACHI

WAQAr AHMED ANSArI www.customsbulletin.com

he Federal Board of Revenue (FBR) has decided to start a crackdown on fake companies which receive tax refunds after submission of fake documents.

Talking to Customs Today, Additional Commissioner RTO-III Malik Mumtaz has said that the FBR detected 12 forged companies which received sales tax refunds. He said that among those companies which received tax refunds includes Al-Farooq Knitwear, Sadiq and Sons, Tabish Computers and Accessories, Black Hawk International, and Salma Garments.

According the official data, these companies received an amount of Rs 15 million each.

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customs court postpones bail plea of tax evader LAHORE

M IMrAN MEHAr

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he Special Court of Customs, Taxation and Anti-Smuggling has adjourned the bail plea of Hassan Javed who is allegedly involved in a tax evasion case.

According to details, Javed, who is the owner of a foam manufacturing company, allegedly evaded Rs 34 million taxes. The accused has also passed 10 days in the custody of the Customs Intelligence team for investigation in February.

The Customs Intelligence checked his company’s record and found a difference of Rs 34 million in sales tax statements.

The customs team registered FIR against the accused under Section 2 (37) of Sales Tax Act, 1990 and him before the court on February 25 and where he got his physical remand of 10 days.

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FAISALABAD

NAEEM SHEIKH

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ustoms authorities of Faisalabad seized smuggled items worth Rs 1.30 million during Oirst two weeks of March and registered two cases against accused persons.

Sources informed Customs Today that Collector ZulOiqar Ali Chaudhary formed different teams under the supervision of Deputy Collector Rana Falik Shair to curb smuggling attempts in the region. The customs team who conducted raids and recovered smuggled items includes Superintendent Muhammad Javed Mehmood, Deputy Superintendent Sardar Muhammad, Inspector Muhammad Safdar, Abdul Jabbar and Zulafqar Ali, HaOiz Naseer Ahmed, Muhammad Abdullah (sepoys) and Afzal Hussain (driver) .

Sources said that seized items includes foreign origin non-duty paid vehicles and other goods. Customs authorities forwarded the cases to customs adjudication for further proceedings. Meanwhile, Model Customs Collectorate Collector ZulOiqar Chaudhary has reshufOled as many as 10 inspectors with immediate effect. According to the details, Inspector Safdar Ali has been posted from AntiSmuggling Organization (ASO) Sara-eMohajir to Faisalabad, Inspector Ansar Saleemi from Export Law Branch to Sargodha ASO, Inspector Ameer Ali from recovery section to

Sargodha ASO and Inspector Muhammad Mansha is transferred from Audit to Mianwali ASO. However, Inspector Munir Ahmad and Masood Saeed Chohan have been posted from Sarae-Mohajir ASO to airport, Inspector Muhammad Asif from Mianwali ASO to Sara-e-Mohajir, Inspector ShaOiqur Rehman from headquarters to Export Branch, Inspector Muhammad Riaz from security to export section and Khalid Ashraf Noor has been assigned a task at Faisalabad ASO. The Customs

the customs team who conducted raids and recovered smuggled items includes Superintendent Muhammad Javed Mehmood, Deputy Superintendent Sardar Muhammad, Inspector Muhammad Safdar, Abdul Jabbar and Zulafqar Ali, Hafiz Naseer Ahmed, Muhammad Abdullah sepoys and Afzal Hussain driver

punjab Excise to increase amount of prizes LAHORE

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M HAYAt

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he Provincial Excise and Taxation Department has decided to increase the amount of prizes given for the encouragement of ofOicers and informers who help seize narcotics. In a meeting presided over by Provincial Minister for Excise and Taxation Mujtaba Shuja-ur-Rehman, recommenda-

tions were approved in this regard.

Provincial Minister for Finance Ayesha Ghaus Pasha besides secretary excise and taxation, director general excise and taxation, deputy director Oinance, additional secretary home, additional secretary S&GAD, additional secretary narcotics and deputy secretary technical excise and taxation were also present on the occasion. he meeting was informed that according to law of 1966, Rs 500 had been given to those helping in detection of narcotics at director level, Rs.

750 at director headquarter level and Rs. 1000 at Commissioner Excise and Taxation level which are not sufOicient in present days. Therefore, people will be encouraged with increase in the amount of prizes according to ratio of price-hike and they will play their better role in the elimination of narcotics. The committee headed by provincial minister for excise and taxation Mujtaba Shuja-ur-Rehman, constituted under a summary sent

by Excise and Taxation Department to Punjab.

Anti-Smuggling Organization (ASO) has seized 1765 kilograms of glass beads worth Rs 1.699 million involving duty/taxes amounting to Rs 330,135. ASO Deputy Collector Rana Falik Shair received information regarding the smuggling attempt. He formed a customs team comprising Superintendent Muhammad Javed Mehmood, Inspector Masood Saeed Chohan, Inspector Abdul Jabbar, sepoys HaOiz Naseer Ahmed, Muhammad Ashraf and Naeemillah.

customs court hears 21 cases on thurday he Special Court of Customs, Taxation and Anti-Smuggling heard 21 cases on Thursday and adjourned the same until the next date of hearing.

Sources informed Customs Today that those cases which were scheduled for hearing, includes tax evasion, customs, smuggling and narcotics.

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FBR urged to cut federal excise duty on cement KARACHI: The cement manufacturers have asked the Federal Board of Revenue (FBR) to decrease federal excise duty (FED) stepwise to zero on cement. In the budget proposal sent to FBR Chairman Muhammad Ali Tabba, the All Pakistan Cement Manufacturers Association (APCMA) chairman stated that the cement industry is subject to FED at the rate of 5% of retail price and general sales tax (GST) at the rate of 17% of maximum retail price. These taxes come to around Rs 100 per bag.

“This incidence of high taxation encourages evasion and negatively impacts consumption.

Saturday, March 19, 2016

Business

pSX gains 122.65pts, up 0.37% to end in green zone KARACHI

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he Karachi Stock Exchange benchmark 100-index gained 122.65 points or 0.37 percent to reach 33080.40 points and volume of 111,777,190 shares on last day of trading, Friday.

On Wednesday, despite losing most of the gains, the Pakistan Stock Exchange (PSX) remained in green zone and added 66.67 points to reach 32957.75 points level at closing. High and low were 33145.62 and 32942.26 respectively. Total volume traded in the market was 111,777,190 shares.

pak Suzuki’s profit up by 207% to r 5.8b KARACHI

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ak Suzuki Motor Company has posted a net profit of Rs5.8b or earnings per share (EPS) of Rs70.9 in the year ending on December 2015, up 207% compared to Rs1.9b or an EPS of Rs23.4 in the same period of last year.

According to a company notice sent to the Pakistan Stock Exchange (PSX), in the fourth quarter (Oct-Dec) of 2015 alone, the company posted a profit of Rs1.8b or an EPS of Rs21.7, up by a massive 479% from Rs311m or an EPS of Rs3.8 in the same quarter last year.

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Earlier, the Pakistan Stock Exchange (PSX) opened keeping bullish note and added 122 points in early

trading to cross 33,000 mark and reach 33013.41 points level. Despite losing most of the gains, the PSX re-

mained in green zone till midday and added 85.98 points to reach 32977.06 points. On Wednesday, the benchmark KSE-100 index touched an intra-day high of 32,941.44 before it closed at 32,891.08 up 268.06 points. Buying continued in the KMI 30 index, which shot up 627.84 points during the day and ended strong at 57,510.74 plus 416.06 points. KSE All share settled at 22,258.88 with 129.67 points positive. A total of 147 companies gained while 144 took a dip. The market volumes were down from last session to 182.113 million but still remained higher than average volume of current year to date. The volume leader chart remained unchanged with the commercial banks on top followed by cement sector and power generation and distribution sector.

Ishaq Dar chairs briefing session on IDA-18 replenishment LAHORE

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ederal Finance Minister, Ishaq Dar here chaired a briefing session on the IDA-18 Replenishment process.

Secretary Economic Affairs Division(EAD) briefed the Minister about the deliberations held by the World Bank Group on IDA-18 replenishment process at Paris from 13-15 March 2016.

The deliberations he said were

attended by 48 IDA donors and 14 IDA beneficiary countries representatives. Pakistan represented South Asian beneficiary countries on the occasion.

During the course of the deliberations it was decided that Investment in growth resilience, gender, job creation and climate resilience would be the target sectors for IDA financing. The Pakistan representative emphasized concessional financing for green energy and financing for human resource development.

During the deliberations it was

also decided that there would be four rounds of discussion on IDA replenishment and final round will be held in December this year.

It may be mentioned that IDA financing is the most concessional financing made available by the World Bank Group. Pakistan will continue to be a beneficiary of IDA-18. Pakistan has also decided to become IDA donor. Prime Minister Mohammad Nawaz Sharif on the recommendations of the Finance Minister Ishaq Dar has decided to contribute USD 25 million for the three year IDA-18 cycle.

Dastgir working on strategy to enhance pak-Iran trade ties ISLAMABAD

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ederal Minister for Commerce Khurram Dastgir Khan has presided over a meeting to prepare proposals and chalk out a comprehensive strategy for enhancing trade cooperation with Iran in the wake of the visit of the Iranian president to Pakistan.

The minister said that Pakistan is interested in holding exhibitions in Iran frequently to showcase the range of exportable Pakistani products. He said Pakistan was in consultations with the Iran regarding the approvals of these exhibitions.

The meeting was attended by the officials from Ministry of National Food Security and Research, State Bank of Pakistan, Federal Board of Revenue, traders exporting their items to Iran and representatives of rice and kinnow associations. Two officials of the Iranian Ministry of Trade, visiting Pakistan, also attended the meeting on the special request of Dastgir. The collector customs, Quetta informed the meeting that there was a threefold increase in revenue generation at Pak-Iran border due to better border management, which discouraged illicit trade.

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Uzbekistan Airline to start direct flight operations in pakistan SIALKOT

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ZAfAr MALIK

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he Ambassador of Uzbekistan to Pakistan Furqat Sidiqov has said that the Uzbekistan Airline would start its direct international Olights operations in Pakistan from July 2016.

He stated this while addressing an important meeting of the Directors and management of the Sialkot

International Airport Limited (SIAL) here. SIAL Chairman Malik Muhammad Ashraf, Uzbek Embassy ofOicials Zafarbek Akhmedov (Oirst secretary), Muzaffar Turaev (commercial and press attaché) , Hamid Mehmood (Country Representative of Uzbekistan Airline in Pakistan) and leading people from travel trade were also present on this occasion.

Uzbek Ambassador added that the Uzbekistan Airline would start four direct international Olights in a

week between Lahore-Pakistan and Tashkent-Uzbekistan and two direct Olights between Islamabad and Tashkent in a week in July 2016.

On this occasion, Chairman SIAL Malik Muhammad Ashraf said that the Sialkot exporters are soon going to launch their own private airline namely “Air Sialkot” on self help basis. Chairman SIAL urged the visiting Ambassador of Uzbekistan to also start the international cargo and passenger Olights operation between

Tashkent-Uzbekistan and SialkotPakistan. Ambassador of Uzbekistan to Pakistan Mr. Furqat Sidiqov highly hailed the spirit of self-help of Sialkot exporters, who had established the mega project of Sialkot International Airport on self help basis. Uzbek Ambassador invited the Sialkot exporters to come forward and tap the untapped international trade and export markets of Uzbekistan and other Central Asian States through Uzbekistan for getting the complete

beneOits of the successfully growing businesses in Uzbekistan. He also offered some direct trade relations and strong business-to-business contacts between Pakistan and Uzbekistan.

Uzbek Ambassador invited the trade delegation of Sialkot exporters to Uzbekistan. He added that Uzbekistan is very keen to establish the stronger business-to-business contacts between the two countries besides strengthening the bilateral trade relations as well.

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ISLAMABAD M ArSHAD www.customsbulletin.com

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he Federal Board of Revenue (FBR), while defending the deduction of withholding tax from bank accounts of companies, observed that any amendment in the Clause-138 of the Income Tax Ordinance 2001 would be tantamount to converting the tax authority into toothless.

Member Inland Revenue-Policy, Rehmatullah Khan Wazir and Member Customs Nasir Masroor Ahmad were of the view that the FBR had full rights and powers to recover WHT directly from the bank account of companies. They were responding to observations raised by staunch critics of FBR, Senator Kamil Ali Agha and Senator Talha Mehmood in the meeting of the Senate Standing Committee on Finance and Revenue. Both the Senators along with the Chairman Committee Salim Mandviwala have been raising the issue of recovery of WHT directly from the bank accounts and charging of tax from China Harbour Engineering Company (CHEC) Limited since long. They were terming the act of FBR as a dacoity on account that the said company had not been pre informed about the said act; however, Rehmatullah Khan Wazir clariOied the situation by informing the committee that WHT and income tax worth of

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Saturday, March 19, 2016

Rs 200 billion was receivable from the said company and a number of notices had been served to company prior to the said action.

However, the said company instead of responding to FBR’s notices preferred going into litigation against the FBR, therefore, Oinding no other option, FBR took the appropriate action in this regard� he maintained. At this the committee decided to propose an amendment in the section 138 of the Income Tax Act 2001, however, on the intervention of Senator Ayesha Raza Farooq, the committee postponed Olouting of proposal regarding amendment to next meeting. It is pertinent to note here that the section 138 provides the provisions that for the purpose of recovering any tax due by taxpayer, the Commissioner may serve upon the taxpayer a notice in the prescribed form requiring him to pay the said amount within such time as may be speciOied in the notice. If the amount referred to in the notice issued under subsection (1) is not paid within the time speciOied therein or within the further time, if any, allowed by the Commissioner, the Commissioner may proceed to recover from the taxpayer said amount by one or more modes including attachment and sale of any movable or immovable property of the taxpayer, appointment of a receiver for the management of the movable or immovable property of the taxpayer and arrest of the taxpayer and his detention in

prison for a period not exceeding six months. Moreover, this section states that for the purposes of recovery of tax under sub-section (2Commissioner shall have the same powers as a Civil Court has under the Code of Civil Procedure, 1908 (Act V of 1908), for the purposes of the recovery of any amount due under a decree.

licy, ue-po n e v e dr and r Inlan han Wazir or e b m Me hK sro atulla s Nasir Ma t m h e r tha tom er cus f the view b m e M nd eo d wer ull rights a ly f Ahma t r had r WHt direc B f e th ve o reco account of t s r e nk pow the ba nies from a comp

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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

reforming tax system

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fter years of travelling on the hackneyed path of omissions and commissions, the policymakers have finally reached a conclusion that a paradigm shift in existing tax system is indispensable for widening the tax net and increase revenue collections.

According to newspaper reports, the government has decided to implement much awaited structural reforms in the federal taxation authority to arrest the speed of growing volume of black economy. A threetier hybrid system will be introduced to reaching out the small administrative units. A meeting of the Tax Reforms Implementation Committee, which held under the head of Finance Minister Ishaq Dar, gave a go-ahead to the new system but with directions to keep the best parts of the current and old systems intact. However, the government deserves kudos that it has realized the needs for reforms in the tax collection system and the worst part is that all the authorities are stuffed in the income tax officers from assessment to audit of the income of an individual unlike the current practice where the tax file of an individualis dealt by four officers who work in isolation.

Under the new system, the regional tax offices will be divided into corporate section for corporate clients and the territorial section to deal with individuals and association of persons. The facilitation centres for taxpayers will be upgraded to the territorial sections.

However, the large corporate taxpayers will be treated under the current functional system whereas the individuals and association of persons will brought under the old circle system. The supreme taxation authority has agreed to implement the recommendations of the Tax Reforms Commission to enforce its writ at the smallest administrative units. The current tax amnesty scheme introduced by the Federal Board of Revenue has received lethargic response from potential taxpayers to the utter disappointment of the government. It is believe that the number of non-filers having national tax number is four times more than that of the filers, but the number of active taxpayers is showing downward trends instead of increasing the tax base.

As a matter of fact, the Pakistani society is complex and mixed breed of people due to various cultural and historical reasons.

Agricultural sector needs attention T

LAHORE

Dr AftAB AfZAL

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he nation was expecting a sharp increase in the Pakistan’s exports after the European Union granted GSP Plus Status to the country. Instead, it has been recorded a drastic downfall of 14.4 percent in exports during the current Oiscal year. The exports of Bangladesh have increased by 8 percent during the same period. However, the economists still believe that Pakistan has the potential to increase its exports if it concentrates on the agricultural sector and increases per acre yield by shifting to hybrid seeds and modern technology.The Pakistan Agricultural

Research Council is now introducing hybrid maize seeds in the agriculture sector in a bit to get quality yield. This will not only cater to the needs of the nutritious food for the countrymen, but will also help export the excess yields. For the purpose, the Pakistani institutions will have to collaborate with agricultural organizations of the developed countries to get skill and technology.

At the moment, the country’s farmers need to know modern production practices for the major crops, including wheat, maize, rice, livestock, fruits and vegetables. Pakistan is a major producer of rice, pulse, citrus fruit and milk in the world, but the people associated with agriculture sector mostly depend on the traditional

methods. The country needs the varieties of maize which could resist drought and heat stresses with enhanced nutritional quality. The crops should also have the quality to resist insect attacks. However, beneOits of technology could not be availed unless a corporate culture is introduced in the agriculture sector. Modern factories can be established in rural areas to process food and beverage not only to fulOill the food demands of the country, but also for exports.

The cotton and textile sector has been battered by unfavourable circumstances and incessant energy crisis. The lack of incentives for the investors and harsh and complex tax system adds insult to injury.

The government ofOicials often blame the economic slowdown in

the United States, the European Union and the Middle East, which are the major export markets of the country, for declining trends in exports. But exports from China, India and Bangladesh have increased many fold during the slowdown period. It means some home factors are more responsible for decline in exports than the foreign factors. And the most pressing issue confronting the country’s industry is shortage of electricity.

Electricity is also expensive in the country as compare to the countries in the region and which are competitors in the international market. If the government wants to improve exports, it will have to encourage investors to take interest in the agriculture sector, which has huge business potentials.

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DB reports loss in 2015 despite record revenues WASHINGTON: Announcing its results for 2015 in Berlin on March 16, German Rail (DB) says revenue increased by 1.9% in 2015 to a record €40.5bn but Ebit plunged by 16.6% to €1.76bn, while DB turned a profit of €988m in 2014 into a loss of €1.3bn in 2015.

“A critical look at our performance shows us that we did not achieve the targets we had set,” CEO Dr Rüdiger Grube, says. “We also failed to reach the quality target we had set for ourselves for 2015. In the face of ever fiercer competition, each of our business units will need to make major strides in terms of quality. “The 2015 fiscal year was also impacted by three other key developments,” Grube says. “Last spring, we at DB saw, first of all, the longest strike in the history of our company, and second, unusually fierce storms with a far-reaching impact on rail operations.

Algeria keen to enhance trade with pakistan: envoy mbassador of the People’s Republic of Algeria, Lakhal Benkelai said that his country was keen to enhance trade with Pakistan as both countries have good potential to promote bilateral trade in many areas. He said the best way to promote two-way trade was to establish direct contacts between the private sectors of Pakistan and Algeria. He said Pakistan could import olive oil, petroleum products and natural gas from Algeria while Algeria could import food and many other consumer products from

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Pakistan. He said this while exchanging views with local business community at Islamabad Chamber of Commerce and Industry. The Ambassador said a bigger Trade Expo will be held in Algeria from 28th May to 2nd June this year and large number of businessmen from Arab countries, Europe, Africa and Asia were expected to participate in this Expo. He said it was a good opportunity for Pakistani businessmen to attend the said expo and explore business opportunities in Algeria. He said China was making investments in Algeria and Pakistani investors should also explore his country for joint ventures and investment. He said physical contacts between the entrepreneurs of both countries were keys to explore new avenues of mutual cooperation and stressed that both countries should facilitate interactions between their trade associations and encourage B2B meetings. He said ICCI should form a delegation for Algeria and assured that his Embassy would provide all possible cooperation to make its visit result-oriented.—CB Report

Saturday March 19, 2016

Chambers

traders should explore business opportunities in Argentina: envoy A

LAHORE

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mbassador of Argentina, Rodolfo J. Martin Saravia called for sector speciOic measures and collective efforts to raise the mutual trade volume which does not reOlects the friendly relations between the two countries.

“It is my farewell visit to the Lahore Chamber of Commerce and Industry as after serving for a period of 12 years in Pakistan as the Ambassador of Argentina and I will be leaving this country where I had some of the most memorable time and enjoyed matchless hospitality of the Pakistani nation”, the Ambassador said while talking to the LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed here at the Lahore Chamber of Commerce and Industry. LCCI Executive Committee Members Dr. Qurat-ulAin, Tanveer Ahmed, Mian Zahid Javed, Tariq Mahmood, Zahid Maqsood Butt and Abdul Razaq were also present on the occasion.

The ambassador said that he would continue his efforts for bringing the two countries closer even af-

ter leaving Pakistan as the ambassador of Argentine. He urged the private sectors of the two countries to join hands to strengthen the mutual trade and economic ties. He said that frequent exchange of trade delegations and single country exhibitions could also help promote trade and economic activities between the two countries.

He said that Argentinean government has opened all economic sectors to the foreign investors. He urged the Pakistani businessmen to explore trade and investment opportunities in a number of sectors of

Argentina. He said that business of the both countries could start joint ventures in agriculture and livestock sectors which have immense potential. He said that Argentina has expertise in these sectors and Pakistani businessmen could lean a lot from their Argentinean counterparts. The LCCI Senior Vice President Almas Hyder appreciated the efforts of outgoing ambassador of Argentina Rodolfo J. Martin Saravia to bring the people of two countries closer. He said that Pakistan and Argentine maintain good diplomatic relations. Moreover, by giving MFN

fccI chief lauds steps to empower women

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FAISALABAD

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haudhay Muhammad Nawaz President Faisalabad Chamber of Commerce and Industry (FCCI) has appreciated the efforts of government to empower women and bring this marginalized group in national mainstream with dignity and honor. Addressing a seminar organized by State Bank of Pakistan on “women empowerment through Oinancial literacy”, he quoted the example of Hazrat Khadija who was a working lady and was doing trade about fourteen hundred years ago in pre Islamic era. “If a lady can respectably conduct her business in that scenario, how women in contemporary age cannot do their business in an Islamic society and country”, he quipped.

He also quoted the statistics and

said that at present one billion people are living below poverty line, out of which 70 percent are women and out of this group the major chunk of population is dwelling in Asia. He said that main cause of poverty in third world countries like Pakistan is gender discrimination.

“We have crippled half of our population consisting of women”, he said and stressed the need to involve them in national mainstream to kick start the economic development in this country. He also appreciated the government’s endeavors to involve women in different development projects and said that State Bank of Pakistan was also concentrating on economic empowerment of women.

In this connection the micro Oinance facilities are being provided to the women on top priority basis so that they could earn their respectable livelihood without becoming burden on their families.

The function was also addressed

by Deputy Chief Manager of SBP Ms. Fauzia Aslam and Akmal Javed Khokhar. They told that this event is a part of series of seminars during which issues relating to women empowerment would be discussed and viable, realistic and result-oriented road map will be prepared to fully involve the women in national mainstream. Meanwhile, Development of Agriculture value chain is imperative for the successful economic development of Pakistan. In this connection, Australia is already helping Pakistan for the processing of exotic Pakistani fruit mango while value chain related projects for other crops could also be initiated in next phase of bilateral cooperation, said Margaret Adamson High Commissioner of Australia in Pakistan. She was addressing a meeting at Faisalabad Chamber of Commerce and Industry (FCCI) which was also attended by her spouse.

status to each other in 2002, both countries found the basis of further developing economic relations. He said that during the last two years, our total trade has recorded an increase of more that 100%. In 2013 its value was dollar 191 million which went up to dollar 394 million in 2014. However, our exports did not follow the upward trend during that period. It fell from dollar 57 million to dollar 46 million. He said that the drastic change occurred due to drastic increase in imports from Argentine that swelled from dollar 134 million to dollar 348 million.

NEpc predicts $22.3b revenue from non-oil export by 2025 he Nigeria Export Promotion Council, NEPC, has predicted increment in the revenue from non-oil export to $25 billion in 2025 from the current $2.7 billion. Executive Director of the NEPC, Olusegun Awolowo, who disclosed this in Benin at a one day workshop on “The Legal Aspects of Export Contract” uring the weekend, said strategy had been put in place to achieve the projection through a developed “Zero Oil Plan.” Represented by the Director of the legal unit, Mr. Ezra Yakusak, the NEPC boss described the zero oil plan as a strategy adopted to mobilise both private and public resources towards replacing oil as the country’s major source of foreign exchange.—CB Report

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Canadian police seize drugs worth $500,000 Saturday March 19, 2016

World

OTTAWA: Golden-Field RCMP say half a million dollars of illicit drugs were seized during a road check near the B.C. town of Field this week.

It happened on March 2 during a traffic stop with a person driving a Mitsubishi Outlander. Officers found four kilograms of marijuana and 10 litres of high-quality hash oil known as “Phoenix Tears”.

“It is extremely rewarding knowing that we were able to keep these dangerous drugs from reaching the streets of our communities,” said Sgt. Rob Haney of the Trans Canada East Traffic Services, in a statement.

Two Alberta men, ages 24 and 47, are scheduled to appear in court in Golden, B.C., on May 10.

Singapore’s cNB seizes cannabies worth S$64,000 SINGAPURE

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total of nearly 2kg of cannabis and other drugs were seized on Tuesday, following two separate raids led by the Central Narcotics Bureau (CNB).

In a press release on Wednesday, the CNB said the drugs seized are estimated to be worth more than S$64,000. Supported by the Singapore Police Force, three suspected drug trafOickers were also arrested during the raids. The Oirst raid was conducted on Tuesday afternoon at a unit in Marsiling. Two suspected drug trafOickers, both Singaporean males aged 41 and 42, were arrested within the unit. About 940g of cannabis and small amounts of “Ice” and heroin were recovered from the unit. The second raid was at Woodlands on the same day. OfOicers arrested a suspected drug trafOicker, a

US customs seizes meth worth $1,440,133 S Customs and Border Protection (CBP) officers assigned at the Brownsville and Matamoros International Bridge seized a load of alleged methamphetamine hidden within a grey 2012 Nissan Juke. “I congratulate our CBP officers for their diligence and dedication which led to the seizure of these narcotics,” said Port Director Petra Horne, Brownsville Port of Entry. Packages containing 103 pounds of methamphetamine seized by CBP officers at Brownsville Port of EntryThe seizure took place on Monday, Mar. 7, at the Brownsville and Matamoros International Bridge when CBP officers referred a 26-year-old male Mexican citizen driving a grey 2012 Nissan Juke for a secondary examination. With the help of non-intrusive technology, CBP officers discovered 23 packages of alleged methamphetamine weighing 103 pounds hidden within the vehicle.—CB Report

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29-year-old Singaporean male, at one of the units. About 1kg of cannabis and an assortment of other drugs were recovered from that unit. Those convicted of trafOicking in more than 500g of cannabis may face the death penalty. Investigations into the drug activities of the arrested suspects are ongoing, said CNB. Meanwhile, A total of 103 suspected drug offenders were arrested in a six-day islandwide operation which kicked off on Feb 27, the Central Narcotics Bureau (CNB) announced on Friday. OfOicers also seized drugs worth S$235,000 in total, including 1.8kg of heroin, 338 Ecstasy tablets, 1,462 Erimin-5 tablets and 454g of Ice. One of the cases accounted for S$210,000 worth of drugs. It saw six suspects rounded up and cash of more than S$29,000 seized. On Wednesday, a suspected drug courier, a 43-yearold Malaysian was arrested at Woodlands Checkpoint after he was found with 1.3kg of heroin, 77g of Ice and 1,000 Erimin-5 tablets.

Malaysian police seize 1.2 tonnes of ganja worth rM4.2m

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olice have busted the largest drug distribution and smuggling syndicate in the country so far this year with the seizure of 1.2 tonnes of ganja worth RM4.2 million

france’s total fined €750,000 over Iraq ‘oil-for-food’ scandal

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rench oil giant Total was ordered on appeal to pay 750,000 euros ($827,000) for corruption linked to the UN “oil-for-food” programme established for Iraq during Saddam Hussein’s rule.

The Swiss-based Dutch oil group Vitol was Oined 300,000 euros.

They were among more than a dozen individuals and companies who were cleared of corruption in 2013 after an eight-year investigation. They had been accused of siphoning cash from the $64 billion

(54 billion euros) UN programme that allowed Iraq, then under crippling international sanctions, to sell limited quantities of oil to buy humanitarian supplies between 1996 and 2003. The Oine slapped on Total was the maximum possible at the time of the wrongdoing. Saddam forced foreign companies involved in the programme to pay a 10 percent surcharge – accounted for as “transport costs” or “after-sales service” – which in reality went to the regime’s coffers.—CB Report

at two locations, in Selangor and Kedah. Bukit Aman Narcotics Criminal Investigation Department director Datuk Seri Mohd Mokhtar Mohd Shariff said a 38-year-old man was arrested in the raid in Selangor last Saturday. “The raid was conducted at 3pm by the Special Tactical Intelligence Narcotics Group (STING) which stopped the suspect’s car in Subang Jaya and found 160 slabs of ganja in it.

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“Police also found 200 more slabs of ganja kept in a house in Subang Jaya after the suspect brought them there,” he told reporters in Bukit Aman here yesterday. Based on information from the suspect, police recovered 843 slabs of ganja in a house in Sungai Petani, Kedah, he said. “We carried out the second raid at 1.40am on Sunday, soon after getting the information about the house used as a store,” he said. Mohd Mokhtar said the drug was believed to have been brought into the country by sea from Thailand for supply in the local market for a year. “According to police records, throughout last year, 1,290kg of ganja were seized and this year, as of March 15, we conOiscated 1,477kg of ganja. This is the biggest ganja seizure (so far this year),” he said. He said the suspect had been remanded for seven days until Sunday and the case was being investigated under Section 39B of the Dangerous Drugs Act 1952 which carries a mandatory death sentence upon conviction.

china’s fiscal revenue up 6.3%

riven by a turnaround in property market, China’s Oiscal revenue growth improved in the Oirst two months of this year.

National Oiscal revenue growth grew 6.3 percent year-on-year hitting 2.74 trillion yuan $420 billion , up from 5.8 percent in 2015, the Finance Ministry’s data showed on Wednesday. Central government’s revenue grew 1.6 percent, while regional and local government revenue rose 10 percent, up from 4.8 percent in 2015.

The growth in local government revenue was attributed to strong growth in business tax on housing

transaction, which surged 20.2 percent compared to a year ago. This revenue goes to the local government’s coffer. The Oirst two months of this year saw a 28.2 percent surge in property sale. The upsurge in individual income tax also helped. The Chinese lunar new year fell on early February, earlier than that of 2015, so most of companies disbursed year-end bonuses in February, instead of March in 2015. The bonus binge helped boost the growth of individual income tax up to 22.3 percent. However, duties and taxes on the export and import sector slumped 18.7 percent.—CB Report

HK customs seizes 14,000 suspected pirated optical discs

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ong Kong Customs concluded a two-day territory-wide antipiracy operation yesterday and seized more than 14,000 suspected pirated optical discs worth about $500,000 from three shops during the operation.

Customs ofOicers recently suspected that a few shops in Mong Kok and Wan Chai had engaged in the sale of pirated optical discs. After initial investigation, Customs ofOicers of the Intellectual Property Investigation Bureau mounted the operation, which resulted in the seizure of the optical discs and the arrest of three men aged between 18 and 58. The arrested men have

been put on bail pending further investigation. The seized optical discs were mainly Japanese cartoon TV series and movies which were offered for sale from $40 to $50 per box set. Customs will continue to closely monitor and combat piracy activities with strict enforcement actions. Under the Copyright Ordinance, any person who possesses an infringing copy of a copyright

work with a view to selling it is liable to the maximum penalty of imprisonment for four years and a Oine of $50,000 per infringing copy. Customs appeals to members of the public to respect intellectual property rights. Meanwhile, An incoming male passenger was arrested at the airport yesterday after customs ofOicers found 10 kilos of suspected ivory pieces.

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Overall TV shipments decline in 2015 WASHINGTON: The abrupt weakening of global demand for TV sets, combined with continued LCD capacity expansion, caused an oversupply in the market in the second half of 2015. This shift to oversupply has resulted in extremely steep LCD TV panel price declines, but it has been difficult to pass the savings along to consumers, as inflation and currency depreciation in emerging markets have offset the cost reduction. As a result, total annual TV shipments fell to 226 million units in 2015, a 4 percent year-over-year decline, according to IHS Inc., the leading global source of critical information and insight. Plasma and CRT shipments have fallen to negligible levels, and while organic light-emitting diode (OLED) TV is still in the early stages of growth, shipments of LCD TVs.

Atlanta Braves eye North port for training facility he Atlanta Braves are on the hunt for a new Spring Training facility.

The move follows other Major League Baseball teams who have relocated to new digs. The Braves have played in the ESPN Wide World of Sports Complex near Orlando for nearly 20 years. The team is eyeing undeveloped land in the West Villages just south of the Tamiami Trail. “Baseball is a great fit. It’s perfect for the community because it involves people of all ages. Baseball, especially the Braves, are known for giving back to the community. And so it really enhances the lifestyle,” Sondra Guffey with West Villages said. The training facility would include a 7,500-seat stadium, practice fields and other improvements. “We’re certainly excited about the opportunity and the possibilities, but it is a process which we’re going (through). There is some work that remains to be done so we’ll see how far it takes us,” said Jeff

Ports & Shipping

chidambaranar port sets record in containerised cargo handling

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WASHINGTON

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V Maultsby, Sarasota County’s director of business and economic development.

North Port is one of a several Florida communities under consideration for the new Braves complex. “You hear that news, you get excited about Major League Baseball right here in North Port. For the city to potentially be known as the home of the Braves and Spring Training, it is exciting,” said Josh Taylor, with North Port. If it all happens, pine and palm scrub land will be transformed. ”Sports tourism is one of our target industries in Sarasota County so it would benefit us tremendously. You look around our community, the other amenities that we have, adding this asset to that list would be tremendous,” Maultsby said.—CB Report

O Chidambaranar Port here has achieved a momentous landmark in container handling by surpassing the previous Oinancial year’s container trafOic of 5,59,727 Twenty-Foot Equivalent Units (TEUs) by handling 5,61,586 TEUs. Till March 6, the port maintained an impressive growth at 9.36 per cent, as compared to the corresponding period of last Oinancial year. V.O. C. Port offers the fastest

transshipment time to Colombo among all Indian ports.

According to a statement issued

by VOC Port Trust on Monday, commodities such as cotton yarn, handlooms, seafood, paper, granite and coir pith and machinery were exported by containers to Europe, North America and Asian countries.

Cotton, metal scrap, waste paper, cotton fibre, chemicals, metal and rubber products were imported predominantly from Europe and East Asian countries. One inland container depot and 13 container freight stations ensured seamless flow of containers to and from the port. The port had also

created a new record in handling copper concentrate on February 20. A quantity of 19,055 tonnes of copper concentrate was unloaded from vessel MV. Dynasty Shanga.

This was the highest tonnage ever achieved on a single day at the port, using hoppers, thus breaking the previous record of 17,105 tonnes of copper concentrate unloaded from vessel MV. Navios Celestial on May 23 last year.

Currently, there are two container terminals at the seventh berth with a capacity of 4.17 lakh TEUs. Another terminal at the eighth berth commenced its partial operations on May 11, 2014.

US ports require investment uptick

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S ports and our marine transportation system – and the hardworking men and women behind these operations – are essential drivers of the American economy. Every day, our ports and waterways handle millions of tons of domestic and international cargo, including food and agricultural products, petrochemicals and automobiles. In 2014 alone, $1.7 trillion

worth of U.S. goods moved through our ports, representing 75 percent of imports and exports by weight.

But ports, like our highways and bridges, face challenges. As a country, we are investing too little, and as containerships grow larger and larger, more cargo must be unloaded into increasingly tight spaces. And ports face unique operational challenges as they move ever-expanding volumes of cargo between ships, trucks and rail lines. Today, not a single U.S. container port is in the top 15 container ports globally accord-

ing to the Journal of Commerce. Expanding trade will continue to put pressure on the existing system, increasing congestion and threatening U.S. economic competitiveness; looking forward, the demand to move goods and raw materials on the U.S. transportation system is predicted to increase by 45 percent by 2040.

To support U.S. competitiveness in a global economy, it is essential that we expand, upgrade, modernize and maintain our maritime transportation infrastructure and strengthen our workforce. That’s why the

Saturday March 19, 2016

Japan to increase ports for visits by cruise liners he transport ministry said Monday it plans to increase the number of ports that can be visited by large cruise ships to 14 to 15 from seven in 2015.

The ministry also aims to realize visits to Hakata port in Fukuoka Prefecture and other ports in the country by the Oasis of the Seas, one of the largest cruise ships in the world, in 2018. The 220,000-ton ship, operated by a U.S. ferry company, can carry 6,360 passengers. The initiative is one of projects for the ministry’s productivity revolution headquarters, which was established on Monday. The headquarters is headed by transport minister Keiichi Ishii. The number of foreigners visiting Japan by cruise ships has been increasing rapidly and topped 1 million in 2015. In another project, the ministry will carry out measures to ease traffic jams using big data on vehicle traffic at about 50 locations. Among the sites are the Yamato Tunnel on the Tomei Expressway in the city of Yamato in Kanagawa Prefecture, the Kobotoke Tunnel, located between Tokyo’s Hachioji and the city of Sagamihara in Kanagawa, the Itabashi and Kumanocho junctions linking the Shuto Expressway No. 5 and the Central Circular Route in Tokyo, and the Awaza Junction on the Hanshin Expressway in the city of Osaka.—CB Report

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Obama Administration has been working to identify opportunities to increase investment in U.S. ports. Recently, the Department of Transportation (DOT) announced $800 million in available funding for the nation’s freight network and highlighted the opportunity for investments in 21st century ports. DOT’s new FAST LANE program expands on the work of the Build America Transportation Investment Center, which has been helping ports around the country access Federal Oinancing programs.

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Sialkot ASO seizes illicit mosquito coils worth Rs 0.7m SIALKOT: The Anti-Smuggling Organization (ASO) has recovered 100 cartons of banned mosquito coils from a vehicle during checking. The market value of the impounded items is Rs 0.7 million. Source informed Customs Today that after receiving a tip-off regarding the smuggling attempt, the ASO team under the supervision of Customs Collector Sheikh Ikram intercepted a vehicle bearing registration No.RIS-2388 on GT Road which was going from Sialkot to Rawalpindi. The ASO team recovered 10 cartons of banned mosquito coils while searching the suspected vehicle.

Saturday, March 19, 2016

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Ir-Intelligence detects rs 50m tax evasion by National Medical centre KARACHI MUBEEN HUSSAIN

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he Inland Revenue (IR) unit of the Directorate of Intelligence and Investigation has detected tax evasion of Rs 50 million

by National Medical Centre, it is learnt here.

A team of Intelligence and Investigation has started investigation against the hospital for manipulating the document to get beneOits of millions of rupees in wake of taxes.

The ofOicers are thoroughly examining the documents of the hospital, which were seized during a raid. On the other hand, it is expected that the IR team, taking a stern action against the hospital, will soon lodge an FIR and arrest of the hospital staff involved in the tax evasion. Source in the Directorate of Intelligence and Investigation informed Customs Today that the National Medical Centre management manipulated their record to evade income tax. When contacted the hospital, it was informed by staff of the Administration Department that Dr Umer Jang, the focal person in the hospital, was not feeling well and was absent from his duty.

SHc seeks comments from fBr on plea filed by M/s Mahboob Steel KARACHI

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he Sindh High Court issued notices to Chairman FBR, Collector of Customs, and deputy attorney general directing them to Oile their comments on a application Oiled by M/s Mahboob Steel Pipe Industry seeking release of consignment of hot rolled steel coils/ strips of “prime quality”.

While hearing the application,

the SHC division bench headed by Chief Justice Sajjad Ali Shah directed the respondents to make sure the submission of their comments in the next hearing.

During the hearing, counsel of the petitioner stated that his client has imported fresh consignment of hot rolled steel coils/ strips of prime quality in the term of SRO (1)/2006, dated 05/06/2006 as amended vide SRO 606 (1)2015 dated 30/06/2015 for it’s manufacturing activities, but respondents are not extending the beneOit of SRO 565 (1)/2006 as amended.

Petitioner said that with the result

he is being compelled to pay regulatory duty at 12% which is not applicable for imports under SRO 565(1)/ 2006. Due to which petitioner shall suffer loss as well as heavy demurrage if the consignment is not released immediately.

Meanwhile, The Sindh High Court on Monday once again issued notices to Karachi Regional Tax OfOice-II (RTO-II) Inland Revenue Zone-1 commissioner and additional commissioner directing them to Oile their comments in the application of M/S OPAL-25 seeking a stay order against IR commissioner’s order.

SHC judge, Justice Munib Akhter also ordered that the matter of interim relief will be taken up on next date on the basis of record as available, if the comments were not Oiled on next date of hearing. Earlier, petitioner submitted that the company was registered as association of persons (AOP) Oirm and is engaged in a business of construction and market of land/ building as contractors in joint venture project M/S Bahria Town (PVT) Ltd and M/S Zardari Group (PVT) Ltd. The petitioner stated that the additional commissioner passed

Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by Dhoom Printing Building No RY/A, 11/6,11/7, Mashoor Mahal,off I.I. Chundrigar Road, Karachi

order under Section 122 (54) of the income tax ordinance, 2001 for income tax year 2014 without appreciating the facts and wrongly made addition on account of receipt from members. According to petitioner, its project was under construction and no sale was made during this year, therefore no income and expenses were reported in the project. The petitioner had appealed along with stay order before the commissioner but the appeal was rejected without appreciating the facts of the case.The court was requested to set aside the order of IR commissioner.