LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Directorate General of Valuation to withdraw huge increase in valuation of decoration lights (rice lights).
While talking to a delegation of Shahalam Market, led by Talha Tayyab Butt and Shahrukh Jamal, the LCCI President Abdul Basit said that massive increase in valuation would not only be hitting the traders hard but also bound to affect the celebrations of Eid Milad-un-Nabi because these lights are used on this auspicious occasion at large scale. He said that Federal Finance Minister, Chairman Federal Board of Revenue and Directorate General of Valuation should take immediate notice of the matter that is adding to the worries of the traders. The LCCI Vice President Muhammad Nasir Hameed Khan was also present on the occasion.
The delegation members informed the LCCI office-bearers said that a large number of containers loaded with decoration lights (rice lights) are standing at Lahore and Karachi as traders are unable to get these containers cleared due to heavy increase in the valuation of decoration lights. They said that valuation rates on decoration lights have been increased to 4 dollar per kg from 1.3 dollar per kg. they said that traders have limited resources and cannot afford such a huge increase.
They that if this new valuation ruling is not withdrawn then customs department would not be able to generate the revenue collected against the clearance of hundreds of decoration light containers per annum.
LCCI President Abdul Basit said that Director General of Valuation should take the stakeholders on board and resolve the issue amicably. He said that huge increase in valuation will encourage the illegal import of these goods that would be not in the favor of economy. He said that it would cause massive revenue loss to the national exchequer besides encouraging smuggling.
He said that Directorate General of Valuation should take the importers of decoration lights (rice light) in confidence and find out an acceptable solution of the issue. He said that if new valuation mechanism continued to be implemented, importers of decoration lights would be left with no other option but to close down their businesses or to adopt illegal ways to bring imported decoration lights into the country.
He hoped that Federal Finance Minister, Chairman Federal Board of Revenue and DG Valuation would take prompt action in this regard and would resolve the issue at the earliest.
