Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
September 18, 2019

FBR changes valuation system at Customs stage

Top Story

September 18, 2019

ISLAMABAD: The FBR has completely changed valuation system at Customs stage in order to ensure proper valuation of goods for the purpose of tax collection.

“I am pleased to inform that FBR has completely changed the valuation system at Custom Stage and Customs General Order (CGO) 19, 2019 has been issued. Now we are in line with international best practices for appraisement. A paradigm change and positive effect for industry and trade will arise”, Chairman FBR Shabbar Zaidi said in a tweet on Tuesday. According to FBR’s announcement, on directions of Chairman Federal Board of Revenue, Syed Muhammed Shabbar Zaidi, Customs Wing has updated and issued the Units of Measurements used in import and export documents, in order to ensure proper valuation of goods. This action will further improve consistency, transparency and uniformity in data capturing as per international standards. All field operation Collectors have been guided to ensure implementation.

World Customs Organization recommends use of standard units of quantity to facilitate the collection, comparison and analysis of international statistics, based on the harmonized system of commodity description. Standardization and harmonization of units of quantity also constitute effective measures for standardizing and facilitating the transmission of data by means of electronic data interchange.

The standard units of measurement were previously notified by the Federal Board of Revenue in the year 2012. World Customs Organisation had issued updated recommendations subsequently, but the same were not updated by FBR in last seven years. The updated units of measurement issued vide CGO 15/2019 dated 13.09.2019 will facilitate legitimate trade, while eliminating discretions and data distortions in application of Units of Measurement.

Updated Units of Measurement have been notified and will become binding for all field formations of Customs as well as importers/exporters. No document including Goods Declaration (GD) shall be accepted after 30th September, 2019, if the information regarding units of quantity declared / shown is not in accordance with aforementioned Custom General Order. The valuation system has also been aligned with the updated Units of Measure by Customs Operations in the field to ensure trade facilitation and smooth cargo clearances accordingly.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus