LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has stressed the need to restrict the import of those parts, which are being manufactured in the country, a statement said on Saturday.
PAAPAM Senior Vice Chairman Abdur Razzaq Gauhar said that under-invoicing and the low valuation of imports have been hitting the industry hard, it added.
The low valuation of tractor parts imports has adversely affected sales tax, withholding tax, Customs duty, and federal excise duty and the major reason for less revenue collection is the absence of a foolproof mechanism for accurate assessment of duties and taxes at the import stage.
Gauhar said that nominal improvement in the valuation of just 5 percent to 10 percent parts are aftermarket and not for tractor assembly and does not affect the price of tractors, he said, adding that it is a false plea and wrong propaganda of the traders’ lobby.
He also called for a check on smuggling, which is being done in many shapes like under-invoicing, undervaluation of goods, misclassifications, falsification of documents, miss-declaration of the country of origin, and short landing transit or re-export of goods.
