Daily Insights

Lahore to Get Customs Valuation Office

By 11/01/2022 March 30th, 2022 0 Comments

The Custom Valuation Director-General, Dr Farid Iqbal, has announced plans to open a customs valuation office in Lahore. The office will be enabled to solve issues related to fixing values of goods and will address traders’ offences. The department will consider the international price of goods during the evaluation of goods and will focus on under-invoicing. The Custom valuation department has an open-door policy for directing all the grievances of the business community. This initiative will create a business-friendly environment and promote national trade. The department will carry forward the procedure based on market inquiry, bringing more transparency to the valuation process.

Custom valuation is assigning a monetary value of goods for import and export. The process means protecting tariff concessions, collecting revenue, implementing trade policy, and protecting public health and safety. It protects the nation’s economy, residents, jobs, and environment, by controlling the flow of goods, especially restrictive and prohibited goods, into and out of the country. However, Pakistan’s custom’s department is tasked to ensure import and export of legitimate cargo, trade facilitation and regulation, control of contraband goods, and revenue collection. Pakistan seeks to enhance exports through import duties, sales taxes, income taxes, and subsidised export financing. In the 2018 budget, the government had reduced the maximum general tariff rate from 25% to 20% to encourage its exports.

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