The Federal Board of Revenue has directed the collectors of customs to prioritise major revenue generating items for determining their customs value for levying proper duty at the import stage.
The FBR on Tuesday issued instructions to the field formations for compliance. According to the instructions, major revenue generating items are to be prioritised for determination of customs value.
Sources told Business Recorder on Tuesday that identification of potential goods liable to higher rate of customs duty would give a clear picture to the Directorate General of Customs Valuation, Karachi to determine accurate valuation. Secondly, identical goods could be cleared at uniform prices, based on accurate valuation, at different ports.
The major revenue spinners, where massive under-invoicing is taking place, would be subjected to proper customs valuation through valuation rulings. These rulings would ensure proper assessment of customs duty on the major revenue spinners at the import stage.
The board had empowered the valuation officers, appraisers and auditors of the valuation department to open and examine any package/consignment brought to the customs stations for import/export and take samples of goods for ascertaining their value.
The DG valuation had issued a number of rulings during the last few years for accurate determination of duty on the import of goods in all potential sectors. For this purpose, the Director General, Valuation had analysed the commodities to ensure that the valuation must be done on prevailing international prices. It was observed that the impact of price increase was not taken into account imported goods by the customs department.
During the last few years, the DG Valuation also conducted sector-wise study of the major revenue spinners taking into account the international prices of commodities. It was necessary to submit the documentary evidence (international bulletins etc) of change in the international price of goods like plastics and steel being imported.
Comments
Comments are closed.