KARACHI: Directorate General of Customs Valuation has issued several reference values or valuation guidelines for the information of clearance collectorates as part of a plan devised by Director General Customs Valuation Syed Tanveer Ahmed 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.
Meanwhile, Director Customs Valuation Wasif Memon has called filed of all the valuation guidelines so far. These files are being deliberated upon to determine whether there was a need to issue the Valuation Rulings.
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.
Meanwhile, Directorate General of Customs Valuation has issued three more guidelines. During the scrutiny of previous clearance of data, it was observed that Methionine under PCT 2930.4000 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 of Methionine (feed grade) of all origins at $3.0/kg.
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 carbon black (rubber grade) of all origins under PCT 2803.0010 at $1.0/kg.
The reference values of Langnese Honey (various flavors) of all origins are $6.0/kg. The reference values of Sue Bee Honey (various flavors) of all origins are $5.50/kg. The reference values of Al Shifa Honey (various flavors) of all origins are $5.0/kg and other brands are $5.5/kg.