Revamped valuation process to follow intl. market-based concept: Chairman FBR - Press Release issued by Karachi Chamber of Commerce and Industry.

Karachi -- November 07, 2022 (PPI-OT)

Following is the text of press release issued by Karachi Chamber of Commerce and Industry (KCCI)

Quote

Chairman Federal Board of Revenue (FBR) Asim Ahmed has said that the entire process of valuation was being revamped which will be following the international market-based concept and the relevant law, in this regard, has already been amended.

Several international publications were regularly posting prices of different types yarns from several origins/ countries which will be electronically linked with the revamped Valuation System wherein valuations will be regularly according to current international yarn prices, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry on Saturday.

Chairman Businessmen Group Zubair Motiwala, Vice Chairman BMG Jawed Bilwani, President KCCI Muhammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Former Presidents Younus Muhammad Bashir, Iftikhar Ahmed Vohra and Muhammad Idrees, Former President Vice President Muhammad Ibrahim Kasumbi, President Site Association of Industry Riaz Uddin, Member Customs-Operations FBR Mukarram Jha Ansari, Chief Commissioner Dr. Aftab Imam and KCCI Managing Committee along with Senior FBR Officials were also present at the meeting.

Chairman FBR, while referring to concerns expressed over unnecessary/illegal raids, assured to discuss the issue with DG Customs Intelligence and advised the members of business community to bring all such cases of unjustified raids to FBR's notice so that action could accordingly be taken. A circular was also issued on 19th October wherein all FBR Field Formations have strictly been advised not to conduct raids Commenting on issues emerging due to exemptions on import of black tea for FATA, PATA and Azad Kashmir, Asim Ahmed agreed that the exemptions were being misused but these exemptions will be ending on June 30, 2023. FBR devised a mechanism last year wherein, quota was fixed for these areas according to their production capacity. "It is now the stakeholders who should tell the FBR whether the situation has improved or not." In response, the relevant importers informed that it was the other way around as imports have risen in these areas.

Touching upon the issue of placement of invoice and packing list in containers of import cargo, Chairman FBR, while totally agreeing to Chairman BMG's remarks, stated that FBR was well...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT