LAHORE: The Lahore Chamber of Commerce & Industry has urged the Director General Customs Valuation to withdraw the huge increase in valuation of the import of tractor parts while keeping in view the ground realities. Sudden increase of around five hundred per cent in valuation of the imported tractor parts would hit the tractor industry hard which is already finding it hard to sell its production in the local market.
These views were expressed by the LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry while talking to the delegation of Pakistan Auto Spare Parts Importers & Dealers Association (PASPIDA), led by Shahzad Butt, at the Lahore Chamber of Commerce & Industry. PASPIDA delegation members Mudassar Manzoor, Sheheryar Butt and Muhammad Asim Butt also spoke on the occasion.
Head of PASPIDA delegation informed the LCCI office-bearers that valuation of the imported parts of tractor has been increased by five hundred per cent that is a sheer injustice. He said that importers are already paying heavy duties and taxes to the government and huge increase in valuation would add to their miseries. He said that huge increase in valuation should be withdrawn immediately.
The LCCI office-bearers said that huge increase in valuation would increase the tractor prices and these would go out of the range of the farmers. “If tractor sales drop so does revenue collection from the farmers, assemblers and part importers”, they added.
They said that one basic fact should not be ignored about the tractor market, which is the buying power of the Pakistani farmer. They said that exorbitant and irrational increase in valuation of the imported tractor parts would also affect the agriculture sector of Pakistan that is already in a dire need of government’s hand-holding.
They further stated that high cost of import would encourage the smuggling that is already hitting the businesses and economy very hard.
The said that all trade, industry and economy related decisions should be made in consultation with the stakeholders. They said that decisions like huge increase in valuation etc. would be hindering the growth of the businesses.
The office-bearers of the Lahore Chamber of Commerce & Industry hoped that Director General Customs Valuation would take immediate notice of the situation and withdraw heavy increase in the valuation of imported tractor parts.
