Lahore Chamber Advocates for Local Valuation Meetings to Ease Business Operations

Lahore: The Lahore Chamber of Commerce and Industry (LCCI) has called for a more localized approach to customs valuation processes, emphasizing that handling these matters within Lahore could alleviate challenges faced by traders and bolster economic activity. This proposal was discussed during a meeting between LCCI President Mian Abuzar Shad and Syed Hamid Ali, Director General of the Directorate of Valuation at Pakistan Customs.

According to a statement by Lahore Chamber of Commerce and Industry, the meeting highlighted concerns regarding the current practice of holding valuation-related meetings in Karachi, which poses logistical challenges for traders from Lahore and other regions. The Director General of the Directorate of Valuation acknowledged these issues and agreed on the importance of addressing them locally.

The LCCI President proposed that if a minimum of ten valuation requests arise from Lahore, corresponding meetings should be conducted locally. This would save time and resources for the business community and facilitate a smoother process for traders. Furthermore, Mian Abuzar Shad pointed out discrepancies in how imported goods are valued, with retail prices often being used as a benchmark instead of wholesale prices.

LCCI officials also suggested measures to improve transparency and fairness in valuation processes. They recommended that market inquiries’ criteria be formally notified to allow importers to anticipate valuations. Moreover, they advocated for a grace period before new valuation rulings are implemented, giving importers time to adjust.

The meeting concluded with an emphasis on promoting continuous dialogue between the business community and customs authorities, aiming to foster a conducive trade environment. The LCCI underscored the importance of regular meetings and open communication to effectively address valuation-related concerns.