KARACHI: The Ministry of Finance s well as the Federal Board of Revenue (FBR) have appreciated ‘Tanveer Plan’ as the development of database values and issuance of reference values of importable items have started yielding results.
Director General Customs Valuation Syed Tanveer Ahmed devised a plan to streamline values of importable values to check under-invoicing, which is not only causing revenue loss to the exchequer, but it also has deprived the local manufacturing of level playing field.
In order to expedite the process, Syed Tanveer Ahmed has advised the team developing the database values to prepare and issue reference values of around 2,000 items by December 2016. Additional Collector Imran Bukhari, Deputy Collector Rizwan Bashir and four appraising officers including Kiran Noor, Mohammad Khalid, Aijaz Butt and Naeem Butt are working quite efficiently on the plan and scores of valuation guidelines/reference values have already been notified for the reference of clearance collectorates.
Meanwhile, Chief Collector Appraisement South Abdul Rasheed Shaikh has advised clearance formations to consult with these guidelines and cross check the values declared by importers so that under-invoicing could be eliminated.
Moreover, the Directorate General is also scrutinizing and researching the values of goods imported in Pakistan which are not locally manufactured. There are several goods which are not manufactured in Pakistan because of the lower import costs leaving the local manufacturing at a disadvantage. Directorate General of Customs Valuation is also streamlining the customs values of such goods so that local manufacturing could be encouraged.
Meanwhile, Directorate General of Customs Valuation has issued eight more guidelines. During the scrutiny of previous clearance of data, it was observed that American Garden Pop Corn under PCT 2005.8000 are being assessed at different values and certain transactions are on very low side.
After carefully examining the clearance data and conducting market inquiries, the reference values or valuation guidelines are issued suggesting the values at $3.3/pc for American Garden Pop Corn (various flavors) of all origins.
After carefully examining the clearance data and conducting market inquiries, the reference values or valuation guidelines are issued suggesting the values at $9.0/liter for Potable Mini-refrigerator 12V (low end brands) of China origin under PCT 8418.2900.
The team of Customs Valuation carefully examined the clearance data, conducted market inquiries and also obtained online prices to corroborate the finding of the market survey and determined the reference values of poly coated waste paper of all origins under PCT 4707.9010 at $0.166/kg.
The reference values of Bagomatic rubber scrap of all origins under PCT 4004.0010 are determined at $0.35/kg. The reference values of glass refills for vacuum flasks of China origin under PCT 720.0020 are determined at $2.4/kg. The reference values of Potassium chlorate of China origin under PCT 2829.1910 are determined at $0.93/kg. The reference values of Ciprofloxacin Base of China origin under PCT 2933.5930 are determined at $32.70/kg. The reference values of Ciprofloxacin HCL of China origin under PCT 2933.5930 are determined at $25.03/kg.
The reference values of Vinyl Acetate Monomer under PCT 2915.3200 of China origin are determined at $0.949/kg, of Saudi Arabia at $0.835/kg, of Taiwan at $0.95/kg.