Customs Official Emphasizes Importance Of Transparent Goods Rating

Syed Hamid Ali, director general of the Pakistan Customs’ Directorate of Valuation, promised business people that fair and open valuation procedures will be followed to guarantee that items are valued at reasonable and acceptable prices. In order to better serve local traders, the Lahore office’s capacity will be increased.

In a meeting with Mian Abuzar Shad, president of the Lahore Chamber of Commerce and Industry (LCCI), and other top chamber executives, he shared his opinions. The DG approved the plan to handle valuation issues in Lahore in order to remove the need for traders to go to Karachi, while also noting the business community’s worries.

Save Time And money

In expressing his opinions, the president of the  Lahore Chamber of Commerce and Industry (LCCI) highlighted that the Directorate of Valuation could play an active and effective role in addressing a number of issues, which will ultimately benefit enterprises, industries, and the economy as a whole.

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Further he said that traders from Lahore and other mountain areas were bothered by the fact that discussions connected to value were generally conducted in Karachi. He suggested that in order to save time and money for the business community, important meetings should be organized in the city if at least (10) valuation requests came from Lahore.

Likewise, in order to assist traders from upcountry areas, value review sessions had to be held in Lahore as well. According to him, retail prices, which are naturally higher than wholesale prices, are sometimes used to determine the value of imported items.

Wholesalers then resell the products to retailers at greater margins of profit after an importer sells them at low profit margins. The market’s prices are then set by the retailers themselves.

Mian Abuzar Shad claims that utilizing market pricing as the foundation for valuing is not a valid strategy because retail prices change throughout markets.

He clarified that the “Work Back Method” was commonly utilized by customs officials to calculate assessments based on import data and market queries. The fact that bulk goods are booked in containers, however, necessitates that import documentation reflect lower unit pricing. He also suggested legally notifying importers of the basic requirements for market inquiries so they may determine the planned valuation beforehand.