Valuation DG visits LCCI

LAHORE: A big change in valuation system in line with the international best practices for appraisement would bring a good change and positive effect for industry and trade will take place, an official said on Monday.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Valuation Director General Mukarram Jah Ansari said that issues such as under-invoicing and smuggling are big challenges for the economy.

Change in valuation system would improve the tax collection, while the government, law-enforcement agencies and the departments concerned are committed to root out the menace of smuggling.

Highlighting the magnitude of mis-invoicing and resulting revenue loss, he said, according to a report, volume of trade mis-invoicing exceeded $92.7 billion during 1972 to 2013, while revenue loss in terms of Customs duties and export withholding tax remained at $11 billion.