Customs to issue 05 valuation guidelines every week

Customs to issue 05 valuation guidelines every week

KARACHI: Director General Customs Valuation Syed Tanveer has advised the formation to scrutinize the import data and streamline the values. DG has also advised to issue at least five valuation guidelines every week.

Chairman FBR tasked the DG Customs Valuation to develop database values of importable goods, so that under-invoicing could be eliminated. Syed Tanveer Ahmed has efficiently initiated the exercise and formed a team comprising four high-profile appraising officers Farhan Mehdi,  Noor alam Durrani, Aurung Ali Shah and Raja Mohammad Aslam. Team is headed by Syed Tanveer while Additional Collector Imran Sajjad Bukhari and Deputy Collector Rizwan Bashir are supervising the team.

The team is verifying the international price trend of around 3,000 items and several valuation guidelines i.e. reference rates of goods have been circulated to all formations. Data regarding quantum and valuation of imports, origin of goods etc., are being examined.

During the scrutiny of previous one-year data, it has been observed that a number of goods are being assessed at various collectorates on values much lower than the prevailing prices in the international market.

It has been observed that Cloves falling under PCT headings 0901.1000 are being declared and assessed at much lower values as compared to internationally traded prices available in international "Public Ledger".

Presently, these are being assessed at $2.0 and lower. Directorate General after carefully examining the clearance data analyzed online values and obtained prices of Cloves from the internationally acclaimed Public Ledger. The prices in Ledger, as on July 22, 2016, vary from $6.9/kg to $11.20/kg for different origins. To corroborate the above findings the market surveys were also conducted which revealed that the subject goods are being traded at even lower values when compared with the lower-end values reflected in the Public Ledge.

These values are, however, for reference/guidance only and final assessment may be made after considering other factors which have bearing on the customs value.

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