LCCI demands withdrawal of hike in valuation of decoration lights

LAHORE: Lahore Chamber of Commerce & Industry (LCCI) Wednesday urged Directorate General of Valuation to withdraw increase in valuation of decoration lights (rice lights).

Talking to a delegation of Shahalam Market led by Talha Tayyab Butt and Shahrukh Jamal, the LCCI President Abdul Basit said here that increase in valuation would hit traders. He said that Federal Board of Revenue and Directorate General of Valuation should take immediate notice of the matter. The LCCI Vice President Muhammad Nasir Hameed Khan was also present.

The delegation members informed the LCCI office-bearers that a large number of containers loaded with decoration lights (rice lights) were standing at Lahore and Karachi ports as traders were unable to get these containers cleared due to increase in valuation of decoration lights.

They said that valuation rates on decoration lights had been increased to USD 4 from 1.3 per kilogram. They said that traders had limited resources and could not afford such an increase.

LCCI President Abdul Basit said that Director General of Valuation should take the stakeholders on board and resolve the issue amicably. He said, huge increase in valuation would encourage illegal import of these goods. He said that it would cause massive revenue loss to national exchequer, besides encouraging smuggling.

He said that Directorate General of Valuation should take the importers of decoration lights (rice light) into confidence and find out a viable solution.

He said that if new valuation mechanism continued to be implemented, importers of decoration lights would be left with no other option but to close down their businesses.

They said that if this new valuation ruling was not withdrawn then Customs Department would not be able to generate the revenue collected against clearance of hundreds of decoration light containers per annum.