ISLAMABAD: A meeting on the Customs Valuation was held here on Friday in the Commerce Division with Abdul Razak Dawood, Prime Minister’s Advisor for Commerce & Textile, Industries & Production and Investment in chair.
Member Customs, Dr. Jawad Owais Agha presented various aspects of Customs Valuation procedure in place and the issues of under invoicing.
It was informed that with the modernization of system, the Custom Valuation is improving.
The Advisor to the Prime Minister emphasized that the current government is reforming the FBR that is pivotal for ease of doing business.
The revived tax system can have very positive bearing upon the revival of the industry.
He added that misdeclaration and under invoicing is hitting the local industry and the industry loses its competitiveness with such import.
Such imports would continue to frustrate government’s efforts to make our industry competitive.
The focus of the current regime is on supporting investment and industrialization.
The advisor recognized that customs plays important role in promoting the local industry which contributes in revenue generation.