KARACHI: The Directorate of Customs Valuation is facing a loose end in release of the new valuation rulings. In the current month, only six new valuation rulings have been released including Vr 1188, 1189,1190, 1191, 1192 and 1193. Source said so many valuation rulings are pending about new values of import items.
Director of Custom Valuation Surriya Butt is about to call a meeting of the importers soon. In June’s meeting, it was decided that the collectorate will not reschedule the database in June and July. New valuation and the old one will be rescheduled and there will be a shuffle in the prices.
Sources said the determination of more than 50 values of the association, such was in the last two years but imports have been in the pipeline for them to consider their prices again emphasizing the new pricing. Now in June, only four of the new valuation rulings have been released.
On the condition of anonymity, a source told Customs Today that the Valuation Department does not take solo decision as whenever the old prices are to be revised, all the stakeholders are taken into confidence.
Source said it is possible that four Valuation Rulings will be revised after few days.
