Lahore (Pakistan Point News / Online - 16th December, 2019) Director General Valuation Mukarram Jah Ansari has said that a big change in valuation system in line with international best practices for appraisement would bring a good change and positive effect for industry and trade will take place shortly.He was speaking to the business community during visit to Lahore Chamber of Commerce and Industry on Monday.The official said that issues such as under invoicing and smuggling are big challenges for the economy.
Change in valuation system would improve the tax collection while government, law enforcement agencies and the department are committed to root out the menace of smuggling.While throwing light on the magnitude of mis-invoicing and resulting revenue loss in Pakistan, he said that according to a report, volume of trade mis-invoicing exceeded US$ 92.7 billion during 1972 to 2013 while revenue loss in term of customs duties and export with-holding tax remained US$ 11 billion.
Ansari said that there is a huge difference in trade value with nine countries out of ten. While citing the example of China, he said that during year 2018, export value recorded at origin was US$ 16,967 million while value recorded in Pakistan US$ 14,545 million. So there was difference of US$ 2,422 million in value.He said that issuance of valuation ruling, their revision, development of valuation database, dispute resolution between clearance collectorate and importer are some of the functions of DG valuation.
LCCI President Irfan Iqbal Sheikh said it is the routine practice that all the meetings regarding valuation are being held at Karachi. He proposed that these meetings should also be convened at Lahore. He said that notifications of all meetings regarding valuation which are scheduled to be held in Karachi should be served well before time so that the members of upcountry areas could easily plan their participation.
