Lahore, August 29, 2016 (PPI-OT): Importers of readymade garments have sought the LCCI help on the issue of unprecedented increase in customs valuation on imported readymade garments by the Directorate General of Customs Valuation.
In a meeting here at the Lahore Chamber of Commerce and Industry, a delegation of readymade garment importers and dealers informed the LCCI Senior Vice President Almas Hyder that the Directorate General of Valuation has drastically increased custom evaluation with an average of over 800 percent on imported garments. They said that extraordinary increase in customs duty with an average of over 800 percent on imported garments as compared to previous valuation ruling is unjustified and forcing commercial importers to find other illegal means to bring imported garments into the country.
They informed the LCCI Senior Vice President that if this new valuation ruling is not withdrawn then customs department would not be able to generate the revenue collected against the clearance of hundreds of garment containers per annum. They said that after this initiative, poor would deprive of cheap garments. They said that importers of readymade garments should be given level playing field so that they can play their due role for economic development of the country.
Almas Hyder said that Directorate General of Valuation should take the stakeholders on board and resolve the issue amicably. He said that huge increase in valuation will encourage illegal import of garments that would not in the favor of economy. He said that it would cause massive revenue loss to the national exchequer besides encouraging smuggling.
He said that Directorate General of Valuation should listen to the importers of readymade garments and find out an acceptable solution of the issue. He said that if new valuation mechanism continued to be implemented, importers of readymade garments would be left with no other option but to adopt illegal ways to bring imported garments into the country or become defaulter.
Almas Hyder said that the Lahore Chamber of Commerce and Industry has already taken up the issue of massive increase in valuation of imported garments with the Directorate of Valuation and will continue its efforts for early solution of this matter.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan