‘Customs moves to modernise imported goods valuation system’
LAHORE: Director General Customs Valuation Irfan Wahid has said that ensuring fair valuation of imported goods is the responsibility of customs, and fairness, transparency and impartiality are the key principles in valuation rulings. The existing valuation system is being improved and modernized so that valuation rulings can be linked with international prices, discretionary elements can be…
In Lahore, Customs Director General Valuation Irfan Wahid emphasized the importance of fair valuation of imported goods, stating that customs officers are responsible for ensuring fairness, transparency and impartiality in their rulings. To modernize the system, he aimed to link valuations with international prices, reduce discretionary elements and provide greater price stability for businesses. During his visit to the Lahore Chamber of Commerce and Industry (LCCI), he addressed concerns over two recent valuation rulings.
LCCI President Faheem-ur-Rehman Saigol welcomed Wahid and highlighted the Directorate General of Customs Valuation's crucial role in the country’s trade, imports and tax system. He expressed concerns over Valuation Ruling No. 2105/2026 concerning mobile phone accessories, noting that the customs value of some items had increased by over 100 percent compared to the previous ruling.
This resulted in significantly higher customs duties and taxes, adversely affecting importers' business costs. Saigol also raised concerns about Valuation Ruling No. 2094/2026 for perfumes, cosmetics, deodorants and related products, stating that international brand values were set considerably higher than actual market prices.
Wahid assured that the matter had already been reviewed and several review applications had been filed, with local industry and importers' interests considered alongside international market prices. However, he acknowledged that differing interests might sometimes create conflicts. Regardless, he stressed that fair and impartial valuation principles should remain the foundation.
The Directorate General and valuation officers strive to ensure fair values, offering a review process for businesses to address any issues or mistakes.
According to Wahid, around 50 items are being valued using international publications and global market prices, with efforts underway to expand this number. This approach would help reduce discretion, uncertainty and unexpected changes in valuation. He explained that international prices are mainly available for raw materials and basic commodities, while direct international prices are not always accessible for finished products or items with varying specifications.
To address this, he emphasized the need for research reports, market analysis and other studies to ensure accurate valuations that reflect actual market conditions.
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