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KCCI President rejects valuation guidelines

KCCI President rejects valuation guidelines

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki, while expressing deep concerns over valuation guidelines on imported goods, has said that the trade and industry rejects these guidelines.

KCCI President requested Federal Finance Minister, Ishaq Dar to take notice and stop the authorities from issuing such unfair valuation guidelines.

Speaking at the 2nd meeting of KCCI’s Sub-Committee on Customs Valuation which was attended by number of dispirited importers, KCCI President said that if implemented, these valuation guidelines will leave no other option for the importers but to seek other ways. The situation is likely to promote mis-declaration and smuggling.

Imposing these valuation guidelines for Karachi based importers only will result in shifting the imports to other illegal sources whereas majority of the import businesses located in Karachi city will terribly suffer, he said, adding that the situation may also trigger shortages of raw materials and will have a negative impact on overall economic performance of the country.

He said that the business community will not accept these guidelines on plain papers as these unacceptable valuation guidelines, which are going to directly affect the import businesses, are usually imposed without taking the stakeholders on board.

He pointed out that importers are kept uninformed about the changes in valuation guidelines and due to fears of escalating demurrage/detention charges, the importers find no other option but to immediately clear the imported goods according to the value mentioned in valuation guidelines.

Abdullah Zaki urged Federal Finance Minister, Ishaq Dar to immediately intervene in this pressing matter and order the authorities concerned to refrain from issuing such guidelines.