KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected the review petitions filed by M/s Inaya Impex and others and upheld the customs values of ball bearings vide Valuation Ruling No.953/2016.
The petitioners submitted that determination of customs values of bearings was required surely to bring it in line with the prevailing prices in the international market. However, the Valuation Department acted contrary to the rates in the international market, has ruined business of the petitioner as well as other stakeholders and accordingly has encouraged smugglers to bring the bearings into the country through illegal channels.
This situation consequently shall cause losses to the national exchequer in addition to depriving the stakeholders of their lawful earning. There is no evidence with the department regarding enhancement of values of either raw material or bearings in the international market.
They claimed that values of Chinese origin bearings had reduced considerably but the benefit of such reduction in prices had not yet reached the importers due to higher valuation on Chinese bearings.