AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

Importers of steel products have refused to pay duty on valuation linked with London Metal Exchange (LME), and have demanded previous structure of valuation. They are not happy with the new formula, and said that it would open new doors of corruption and the whole beneficiaries would be officers of customs appraisement.
They said that LME basically issues prices for prime quality steel products, and the prices were negotiable. They said that this step of customs would take the prices of these steel products to new peaks and would cost more for the consumers. According to them, over a thousand steel products are traded in LME and all products have different quality and prices, while dealers are also allowed time, quality and quantity discount on the LME prices.
The importers said: "Customs officials have said that this step will increase the revenue. However, we also believe that revenue will increase as, after the imposition of new formula, the powers of appraisement would widen."
They said that negotiations had been started between customs officials and importers and it was expected that both would reach some solution. However, if the matter would not be resolved, then the importers would be compelled to protest.
Although, the customs officials have allowed shifting of the imported consignments from port to godown, importers are bound not to sell the imported goods till the matter is resolved.
"This step has been taken to save the importers from extra demurrage charges at port," officials said.
Importers said that HRC, CRC and galvanised products were the major steel products imported as Pakistan Steel was meeting only 15 to 20 percent of local demand.

Copyright Business Recorder, 2008

Comments

Comments are closed.