Customs issues 30 valuation guidelines so far

KARACHI: Directorate General Customs Valuation has so far issued 30 valuation guidelines for the reference of assessment staff so that under-invoicing and mis-declaration could be eliminated.

Director General 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.

The Directorate 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 Latex falling under PCT headings 4002.1100 is assessed at different and certain transactions are on very low side.

After due exercise, Deputy Collector Rizwan Bashir notified the reference values of latex of Thailand origin at $1.38/kg.

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