KARACHI: The Director General, Custom Valuation, has said we are considering some previous valuation rulings for rescheduling that is why new valuation rulings are delayed.
Source said the Directorate of Customs Valuation is facing a loose end in issuance of new valuation rulings. In a recent meeting, it was decided that the collectorate will not reschedule the database in the month of August and September. New valuations and the old valuations will be rescheduled and there will be a shuffle in the prices.
Sources said there was a determination of more than 65 values of the association in the last two years but importers have been in the pipeline for them to consider their prices again emphasizing the new pricing. Now in August, there were only seven new valuation rulings which have been released in the previous month.
On a condition of anonymity, a source told Customs Today that the Valuation Department does not take a solo decision whenever the old prices are to be revised, and all the stakeholders are taken into confidence.