A high-level meeting on Customs Valuation was held on Friday at the Commerce Division, chaired by Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production, and Investment. The meeting focused on improving valuation mechanisms and addressing the persistent issue of under-invoicing in imports.
Dr. Jawad Owais Agha, Member Customs, gave a detailed presentation on the existing customs valuation procedures and highlighted the challenges faced, particularly in combating misdeclaration and under-invoicing. He noted that with the modernization of customs systems, the process of valuation is gradually improving and becoming more transparent.
The advisor stressed that customs valuation reforms are essential to protect the local industry, which suffers due to the import of under-invoiced goods. Such practices not only damage domestic production but also give an unfair advantage to foreign suppliers, undermining competitiveness.
Abdul Razak Dawood reiterated that the current government is committed to reforming the Federal Board of Revenue (FBR), with customs as a key component in improving the overall business environment. He stated that easing customs procedures and ensuring accurate valuation are vital to creating a level playing field for local manufacturers.
“Customs authorities must ensure that proper valuation is conducted to prevent revenue loss and protect local businesses,” he added.
He concluded by affirming the government’s focus on promoting industrialization and investment, emphasizing that strong and fair customs practices play a critical role in achieving these goals.