FBR Launch New “Custom Valuation system”
ISLAMABAD – Federal Board of Revenue launches new customs system based on international standards.
FBR has completely changed the customs valuation system by issuing the Customs General Order 19 (CGO 19 of 2019) to ensure proper valuation of goods for tax collection.
Chairman FBR Shabbar Zaidi on Tuesday tweeted:
The 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 will further improve consistency, transparency, and uniformity in data recording as per international standards. All field operation collectors have been asked to ensure proper implementation.
In order to comply with the World Customs Organization (WCO), the Federal Board of Revenue (FBR) has notified standard units of quantity/measurement (UoM) of 7,354 items/goods
World Customs Organization recommends the use of standard units of quantity to facilitate the collection, comparison, and analysis of international statistics, based on the harmonized system of commodity description.