Lahore Chamber of Commerce and Industry flays valuation mechanism, calls for withdrawal massive increase

Lahore, August 19, 2016 (PPI-OT):People from garments, mobile accessories, stationary and various other sectors have sought the LCCI help on the issue of heavy increase in valuation which has created an atmosphere of uncertainty. They informed the LCCI office-bearers that Directorate General of Valuation has made massive increase in the valuation of garments, mobile phone accessories, stationary and various other items without taking business community onboard.

They said that this increase would deprive common people of these products as after huge increase in valuation, prices of these commodities would touch to the sky. They said that astonishing increase in valuation of many goods as compared to previous valuation ruling is a sheer injustice and force commercial importers to find other illegal means to bring these products into the country. They said that if new valuation ruling on garments, mobile accessories and stationary is not withdrawn, it will not only badly affected the businesses but would also not be able to generate the revenue collected against the clearance of these goods.

The LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said that at present when country is struggling for economic revival, such measures would put a reverse gear on all efforts. They said that traders want to play their due role for economic development of the country provided they are given breathing space instead of squeezing them like anything.

They said that trading community is being beaten from two sides as one hand discretionary power of FBR officials and so-called check posts of anti smuggling unit outside the markets hampering the business activities while huge increase in valuation of goods is adding fuel to the fire. The LCCI office-bearers said that illegal import of garments, mobile accessories and stationary would not be in the favour of national economy therefore Directorate General of Valuation should resolve this issue at the earliest.

They said that huge increase in the customs valuation would promote illegal import of merchandise and these commodities likely come into the country under the guise of Afghan Transit Trade (ATT). They said that it would cause massive revenue loss to the national exchequer besides encouraging smuggling which is already a major reason of economic decline. He said that Directorate General of Valuation should withdraw new valuation mechanism immediately otherwise business would be destroyed. They also called to resolve the issue of imposition of various taxes on property sector immediately.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk