by In a fresh move aimed at enhancing transparency and compliance, the Federal Board of Revenue (FBR) has revised the customs values on the import of coated packaging boards. The decision, issued by the Directorate General of Customs Valuation in Karachi, is part of ongoing efforts to curb under-invoicing and bring uniformity in the assessment of imported goods.
What’s Changed?
The updated customs values apply to various types of coated packaging boards commonly used in food, pharmaceutical, and general retail industries. These include duplex boards, art cards, and ivory boards. The new valuation ruling replaces the previous one issued in 2022 and has been introduced after thorough consultations with stakeholders and market research.
FBR Revises Customs Values on Import of Coated Packaging Boards.
Key Highlights
- Uniform Valuation: The revised ruling introduces benchmark prices for different grades and types of packaging boards, which importers must now adhere to.
- Curbing Under-Invoicing: The move targets importers who were previously declaring artificially low values to evade duties and taxes.
- Transparent Imports: FBR’s updated valuation ensures a level playing field for honest importers and helps prevent revenue loss to the national exchequer.
Industry Response
While some importers have expressed concerns over the increased cost of doing business, many industry players have welcomed the revision. They see it as a step toward fairness and market stability. Local manufacturers, in particular, believe the decision will discourage dumping and protect domestic industry from unfair competition.
What Importers Should Do
Importers are advised to:
- Review the new customs values applicable to their products.
- Ensure their declarations match the revised valuations.
- Keep updated with any future changes by the FBR or Customs Valuation Department.
Conclusion
FBR’s revision of customs values on coated packaging boards reflects a broader strategy to enhance tax compliance and protect local industry. As the government continues to streamline trade practices, businesses are encouraged to align with legal requirements and maintain transparency in import declarations.
