After the realisation of problems being faced by importers, due to hike in valuation advice, Member Customs Afzal Bhatti on Monday constituted a committee to seek out real problems and will submit it report to Chairman Federal Board of Revenue (FBR), Business Recorder learnt.
Earlier, sources said after meeting of trade leaders with Chairman FBR Ahmed Waqar in Islamabad that the problems was put in doldrums, but in Monday's meeting of traders with Member Customs it was decided to form the committee.
According to sources, the committee comprised of Collector Khwaja Tanveer and Collector Appraisement Ashraf Ahmed would submit its report within three days, regarding percentage of declining prices of imported goods in international market and overcharging of valuation advice. The sources said that the committee would also consult with all stakeholders including importers and enquire their problems besides collecting suggestions. The sources said FBR authorities have admitted hike in valuation advice and decided to facilitate the importers, but it is yet to be decided to what extent they would be given relief.
Sources told Business Recorder that imported goods of millions dollar including plastic, iron steel, chemicals and others are waiting for decision of custom authorities after reviewing the valuation advice, adding there are many companies likely to bankrupt due to heavy valuation advice.
The traders' leaders that attended the meeting included Chairman Standing Committee on FBR of Federation of Chambers of Commerce and Industry, Shaikh Shakil Ahmed Dhingra, former president KCCI Shouket Ahmed, Zakaria Usman and Ebrahim Pannwala.