KARACHI – Amin Yousuf Balgamwala, chairman PCDMA & former director of Karachi Stock Exchange has expressed deep concern over the not revision of valuation rulings in the customs for many years and demanded that the valuation of imported items be revised immediately keeping in view the value available in the global markets so that the economic losses caused by COVID-19 pandemic can be minimized.
In a statement, Amin Balgamwala drew the attention of the customs and said that according to law the customs department is bound to revise the valuation ruling within 90 days but it is a matter of great concern that some valuation rulings have not been revised since 2018. Several letters were sent to the concerned authorities in this regard but unfortunately no hearing was held.
“Importers are facing severe financial losses due to non-compliance of prices available in the global markets with the prices of imported items in the customs department’s valuation guidelines, while industries are also facing higher production costs due to high cost of raw materials”, he pointed out.
PCDMA chairman raised the question that if an item is booked in the international market for $390 but the customs department values it at $460, which is a total injustice to commercial importers. The prices of items have come down drastically. So why is the customs department not revising the valuation every 3 months as per the law keeping in view the prices available in the international markets?
Amin Balgamwala demanded to member operations FBR that the valuation ruling should be revised in 90 days according to the current prices of imported items in the international markets so that the industries could cope with the serious economic situation arising from the deadly disease of coronavirus and can provide cheap raw materials to industries which will definitely reduce the cost of production and boost the country’s exports.
