LAHORE -  The LCCI has urged the Directorate General of Valuation to withdraw huge increase in valuation of decoration lights (rice lights).

While talking to a delegation of Shahalam Market, led by Talha Tayyab Butt and Shahrukh Jamal, LCCI President Abdul Basit said that massive increase in valuation would not only be hitting the traders hard but also bound to affect the celebrations of Eid Milad-un-Nabi because these lights are used on this auspicious occasion at large scale.

He said that federal finance minister, Federal Board of Revenue (FBR) chairman and Directorate General of Valuation should take immediate notice of the matter that is adding to the worries of the traders. The delegation members informed the LCCI office-bearers that a large number of containers loaded with decoration lights (rice lights) are standing at Lahore and Karachi, as traders are unable to get these containers cleared due to heavy increase in the valuation of decoration lights. They said that valuation rates on decoration lights have been increased to 4 dollar per kg from 1.3 dollar per kg. They said that traders have limited resources and cannot afford such a huge increase.

They stated that if the new valuation ruling is not withdrawn then customs department would not be able to generate the revenue collected against the clearance of hundreds of decoration light containers per annum.

The LCCI president said that Director General of Valuation should take the stakeholders on board and resolve the issue amicably. He said that huge increase in valuation will encourage the illegal import of these goods that would be not in the favour of eaconomy, adding that it would cause massive revenue loss to the national exchequer besides encouraging smuggling.