S.R.O. 503(I)/2021, Islamabad, the 21st April, 2021

Functions of the Directorate General of Customs Valuation GOVERNMENT OF PAKISTAN (REVENUE DIVISION) FEDERAL BOARD OF REVENUE ***** Islamabad, the 21st April, 2021 NOTIFICATION (CUSTOMS) S.R.O. 503(I)/2021.- In exercise of the powers conferred by section 3E of the Customs Act, 1969 (IV of 1969), read with section 6 of the Sales Tax Act, 1990, section 3 of the Federal Excise Act, 2005 and section 148 of the Income Tax Ordinance, 2001, the Federal Board of Revenue, in suppression of its Notification No. S.R.O. 494(I)/2007, dated 9th June 2007, is pleased to specify the functions of the Directorate General of Customs Valuation, as under, namely:- 1. Aim and objectives.- To develop and maintain a modern and effective system for valuation of imported and exported goods, in order to achieve the following objectives (a) to ensure uniformity and neutrality of valuation practices across the country; (b) to improve voluntary compliance by trade and industry regarding proper declaration of value; (c) to safeguard revenue by providing assistance and advice lo the field formations, and (d) to support field formations in preventing the flight of capital and trade-based money laundering through mis-invoicing 2 Valuation authorities.- (1) the Directorate General of Customs Valuation shall consist of die following officers, namely:- (a) Director General of Valuation (b) Directors of valuation; (c) Additional Director; (d) Deputy/ or Assistant Director; (e) Principal Appraisers; and (f) Valuation Officers and Appraisers or officers with any other designation. 3. Function and responsibilities.- The responsibilities of the Directorate General of Customs Valuation shall be- (a) to ensure that the laws and rules support the delivery of an effective valuation program, by making recommendations to Federal Board of Revenue about legal and procedural changes as required from time to time; (b) to develop suitable outreach programs for trade and industry for creating awareness about customs valuation regulations and record keeping requirements with the objective of improving voluntary compliance; (c) to develop suitable training modules, in consultation with Directorate General of Training…