KARACHI: Pakistan Chemicals & Dyes Merchants Association (PCDMA) has asked Federal Board of Revenue to resolve cases regarding Valuation Ruling, pending since long.
PCDMA has written a letter to FBR chairman in this regard. Referring to a meeting with FBR Chariman Tariq Bajwa held at FPCCI, PCDMA said that association had presented its reservations over the pending cases regarding the Valuation Ruling in meeting, while the chairman responded that the process of Valuation Ruling was continue.
PCDMA Chairman Haroon Nisar has highlighted that cases pertaining to VR were pending for three or four years, creating problems for commercial importers. He said that prices of various items have been cut down by 25 percent in international markets, while on othe other hand, Customs’ Valuation Ruling prices were higher than the prices of products in the international market.
He said that valuation Rulings were revised on quarterly basis in the past and now, many cases are pending in Directorate of Customs Valuation Karachi since long.
PCDMA also suggested that the importer should be allowed to make Goods Declaration (GD) at the declared value, the Customs authorities may assess the GD at the Valuation Ruling. Association added that such measures will help in the reflection of correct import value of the product in the Customs data and will help in ascertaining the future vauation.