The President of Karachi Iron and Steel Merchants Association (Kisma), Shamoon Bakir Ali, has urged the Director-General, Customs Valuation, to withdraw the new valuation advice issued by Director Valuation.
In a letter to the Director-General, Valuation, he said that, according to the valuation advice, issued by Director, Valuation, vide letter No Misc/32/2007-IVA dated 11th March 2010, the values have been drastically revised upward as under:
He said that the valuation advice does not mention the last meeting held at the office of the director valuation "with our representatives" on 9th March 2010, along with the representatives of other trade bodies, wherein it was proposed that the minimum agreed price may be increased by USD 100 per ton, "against which our representatives agreed for an increase of 25 dollars per ton".
He said that the formula agreed between the association and the Federal Board of Revenue (FBR), and already approved by the board members in Islamabad, has been grossly neglected, and the new ruling has been issued giving protection to Pakistan Steel Mills.
The prices so fixed are so high that even the prime material is assessed at the lower rates than mentioned in this valuation advice. He also proposed that a meeting with representatives of the association may be held for finalisation of the minimum agreed prices for the new upcoming consignments.
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EXISTING REVISED PERCENT INCREASE
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Hot Rolled USD 390 M/T USD 626 M/T 60 percent
Cold Rolled USD 450 M/T USD 682 M/T 51 percent
Galvanised USD 535 M/T USD 776 M/T 45 percent
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