The Central Board of Revenue (CBR) has constituted a committee for properly examining the 'valuation issue' taking into account national obligations for the enforcement of WTO Agreement on Valuation by March 31, 2005.
The officials of Director General Valuation would conduct investigation in cases where the customs provisionally released imported goods/consignments or referred disputed cases to the valuation department.
A three-member committee comprising Director General Valuation, Collector Appraisement, Karachi and Collector of Customs, Lahore will examine the 'valuation issue' for timely implementation of WTO convention on valuation. The committee would submit viable suggestions for proper working of valuation department keeping in view emerging WTO scenario.
Official sources told Business Recorder here on Thursday that the CBR has also given deadline of March 31, 2005 to the Controller General of Valuation to equip itself with the infrastructure including staff, equipment etc. to independently carryout valuation of consignments where customs does not agree with the declared value of the imported goods under the reform plan.
Officials said that the CBR has notified the jurisdiction and powers of staff and officers of valuation department to exactly evlaute the duty on imported goods in dispute. The CBR has extended powers of section 25 of the Custom Act, 1969 to the valuation officers, appraisers and principal appraisers of valuation department, assistant director/deputy director of customs valuation, additional director, customs valuation; director, customs valuation and director general of customs valuation.