ISLAMABAD: The Federal Board of Revenue (FBR) has decided to constitute a Local Valuation Committee (LVC) for determination of value of goods of Afghan and Iran origin to regulate the Pak-Afghan/Iran bilateral trade.
The FBR has issued SRO1352(I)/2021 to amend the Customs Rules, 2021, here on Friday. According to the draft rules, the new rules shall be applicable for the determination of value of goods of Afghan and Iran origin by discouraging the incidences of underinvoicing and smuggling.
The new customs values shall be applicable to the goods, which are imported through land route from Iran and Afghanistan.
The provisions shall be applicable on the Afghan and Iran origin goods, imported from Afghanistan and Iran through land routes.
In case, if an item is being imported through sea route in significant quantities from Iran, then, the value of such items shall be determined in consultation with Directorate of Valuation, Karachi.
The respective Collector of Customs (Appraisement), on his own motion, in his area of jurisdiction may determine the customs values of any goods or category of goods imported in or exported out of Pakistan from or to Afghanistan and Iran through land customs stations through the following valuation committee constituted for the said purpose, members whereof shall be nominated by collector concerned: One Additional Collector of the Collectorate (Chairman of the LVC); two Deputy or Assistant Collectors of the Collectorate (Members of the committee); one Superintendents or Principal appraisers or Appraisers or Inspectors as required; representative of respective Chamber of Commerce and Industry; representative of Customs’ Clearing Agent Association; all Pakistan Dry Fruits Importer and Exporter Association; all Pakistan Fresh Fruits Importer and Exporter Association; and any other co-opted member as deemed appropriate by the Collector.
Copyright Business Recorder, 2021