Anjum Nisar, President, Karachi Chamber of Commerce & Industry urged the DG Valuation to defer the previous and issue fresh valuation rulings with the consultation of stakeholders. He was addressing the 3rd Meeting of Customs & Valuations Sub-Committee of KCCI, wherein Amir Muhammad Khan Marwat, Director General Valuation (Customs) & Khawaja Tanveer Ahmed, Director General Valuation (Customs) participated as Guest of Honour.
President KCCI, drew the attention of DG Valuations towards the valuation rulings & advices which do not specify validity of dates and henceforth applied for undefined period. He stated that due to global economic meltdown, the prices of all the commodities were showing downward trend, consequently, the contemporary valuation rulings may be deferred and fresh rulings may be issued with consultation of all the stakeholders and their validity maybe fixed for 90 days from the issuance date. He focused that commodity prices are tumbling in the world market to the extent of 50% or even more, therefore, all imports should be evaluated at the prevailing/ transactional prices.
KCCI members & various Associations' representatives through KCCI urged revised valuation advices/ ITP of Iron & Steel products, skimmed milk, caustic soda, metheylene chloride, steraic acid, glycerine, paper products, auto-parts etc. DG Valuation invited them for meeting to discuss and resolve the needful.
Amir Muhammad Khan Marwat, Director General Valuation (Customs) & Khawaja Tanveer Ahmed, Director General Valuation (Customs) patiently listened the grievances from the business community in context to the valuation and asked for the proposals and suggestions. They informed that their offices were open for all to discuss the individual and general cases.
Abdul Basit, Chairman, Customs Valuation Sub-Committee KCCI, Managing Committee Members, Javed Vohra, Iftikhar Vohra, Nasir Mehmood, Majeed Memon, Khurram Saigol, Faisal Khalil, Qamar Usman & Nadeem Zafar also participated in the meeting.