KARACHI: Directorate of Customs Valuation has revised the customs values of tractors parts Valuation Ruling No.1016-A /2017.
It was brought to the notice of this Directorate General of Customs Valuation by the Manufactures of tractor parts that the values of tractor parts determined vide Valuation Ruling No. 945/2016 dated 05.10.2016 were on the lower side and required revision. As major market of Tractor parts is located in Lahore, the Director General ordered issuance of fresh valuation ruling of Tractor Parts after considering all aspects including import data, market surveys and hearing the stakeholders.
To ensure transparency and fairness, an exhaustive meeting with the major stakeholders was held on 20.12.2016 which was attended by representatives of Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM), importers of tractor parts and local manufacturers besides officers of this Directorate.
An intensive discussion took place and all stakeholders were duly heard. Briefly, the importers, as a body, put forth the arguments that any enhancement in values may affect the imports adversely resulting in increased smuggling activity besides hurting the interests of the poor farmers who are unable to purchase locally manufactured parts of superior quality. The manufacturers contended that imports of tractor parts at lower values is not only depriving the exchequer of legitimate revenue but also negatively affecting the local manufacturing industry. They also pointed out that the existing valuation ruling, besides being on lower side, does not cover all the tractor parts being manufactured locally and there is a dire need of a new ruling based on realistic market prices and actual import values. They also asked to include the parts not covered under the existing Valuation Ruling.
