Staff Reporter
Karachi
The Chairman of Pakistan Chemical and Dyes Merchants Association (PCDMA) Amin Yousuf Balgamwala, who is also a former director of the Karachi Stock Exchange, has expressed his deep concerns over non-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 the COVID-19 pandemic can be minimized.
Amin Balgamwala said that according to the law the customs department was bound to revise valuation ruling within 90 days, but it was a matter of great concern that some valuation rulings had not been revised since 2018.
Several letters were sent to the authorities concerned 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 the high cost of raw materials,” he pointed out.
The PCDMA chairman said that if an item was booked in the international market for $390, but the customs department valued it at $460, it sure was a total injustice with commercial importers.
The prices of items had come down drastically. So why was the customs department not revising the valuation every three months as per the law keeping in view the prices available in the international markets?
