KARACHI: Federation of Pakistan Chamber of Commerce and Industries (FPCCI) on Thursday, stressed the need of reducing review time of customs valuation to facilitate trade and industry.
President FPCCI Atif Ikram Sheikh and other leaders of the federation, in a statement issued here, termed trade and industrial production as cornerstone of any economy to create jobs, generate revenues and achieve economic growth but fluctuations in custom valuation not only affects industrial planning, production and exports but such delay also results in additional demurrage and detention charges to the importers.
These financial costs and losses could be avoided through better liaison between customs department and the business community, they asserted adding that business community would like to see review time vis-à-vis custom valuation come down to 7 days and we will make it part of FPCCI’s proposals for the federal budget 2024-25 as well.
Atif Ikram Sheikh informed that these points were raised before Director General
of Custom Valuation Mirza Mubashir Baig during his visit to FPCCI Head Office in Karachi and it has been agreed, in principle, to work together to reduce review time from 30 days to as low as possible to facilitate trade and industry.
Senior Vice President FPCCI, Saquib Fayyaz Magoon, proposed that process to determine updated, realistic and fair custom valuations be expedited in consultation with stakeholders from the platform of the apex body.
He also highlighted the issue of smuggling as one of the most fundamental issues and demanded steps to control it without harassing the businessmen.
Convener of FPCCI’s Central Standing Committee on Custom Valuation, Muhammad Aamir, requested the DG to take up the issue of required revisions in Section 25-D of the Customs Act 1969, in light of the valuation rulings given over the years and also incorporating the changing ground realities.
The statement added that DG Customs Valuation informed the session that customs department is looking at the issues holisticall
y and technology adoption is the principle tool which is being applied to resolve grievances and complaints of the business community in a fair and transparent manner.
Customs department will endeavor to bring down the review time from 30 days gradually, he said and also sought the cooperation of traders in the regard.
Mirza Mubashir Baig said that letters from federal tax ombudsman (FTO) require comments in 1 to 2 weeks but 45 days are given for resolution and they try their best to resolve the issues at the earliest. He assured that all letters from the esteemed office of FTO are given due and swift consideration.
Director Custom Valuation Fayyaz Rasool Maken stressed that customs department is ready and willing for alternative dispute resolution mechanism.