Mukaram Jah, Director Valuation has termed valuation ruling system as primitive, stressing upon efficient Post Clearance Audit (PCA) to plug revenue leakage and ensure maximum facilitation to the trade. Speaking at a discussion on "Transactional Values and Valuation Rulings' organized by FPCCI at Federation House here on Tuesday, he said: "We are working to transform decades old system into modern lines and for the purpose, dialogues with the stakeholders are in progress".
The government is focusing on curbing the menace of smuggling and under-invoicing that not only causes escalating trade deficit but also create uncompetitive business environment for local industry, he said and added that legal and operational procedures of customs were being reviewed to streamline the system as per available international standards.
Moreover, he said that valuation ruling system was not fair mechanism but PCA under trained staff was viable solution to facilitate the trade and also for curbing the menace of under-invoicing and smuggling. Meanwhile, Arshad Jamal vice president FPCCI said that valuation tariff should be issued as per measuring unit and urged DG valuation to discard all unnecessary valuation rulings.
Moreover, he said that valuation department should ensure the revision of valuation rulings within 90 days otherwise goods were uncompetitive in the market and added that consignments must be cleared on transactional value to avoid under-invoicing and smuggling.