Customs developing database values for around 3,000 importable goods

KARACHI: Directorate General of Customs Valuation has initiated an exercise to develop database values for about 2000-3000 different items which are not commensurate with international price trends, an official said.

In addition, the Directorate General is endeavoring to revise or issue fresh valuation rulings (transactional values) where prices in international market have fluctuated.

All the valuation rulings issued so far are already uploaded in the WeBOC system. The system is being amended so that all rulings may be visible to traders. Moreover, provision is being created to upload values of database.

Additionally, in order to provide the information to all a new website page is being developed on the FBR website. All necessary information including valuation rulings and valuation database will be publicly displayed on it, to facilitate trade.

An official said that participation of industry, which was an important stakeholder, in the process of determination of valuation rulings and valuation database was required to be more forthcoming and proactive. Therefore, the Directorate General of Customs Valuation has advised trade and industry to submit their respective proposals for immediate redressal.

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