ISLAMABAD: Pakistan Association of Large Steel Producers has lauded the customs’ decision to link the value of steel scrap with London Metal Bullet (LMB) in a bid to avoid confusion at the time of goods clearance at ports. The Directorate General of Customs Valuation-Karachi had recently revised custom values on the import of iron and steel scrap. According to the notice, this will ensure transparency, fairness and uniformity in the assessment of goods value. Welcoming the decision, the steel industry expressed optimism that more export-friendly initiatives would be taken by the customs dept to facilitate manufacturers. The steel industry, however, made urged the DG Valuation to make one correction in its decision/ruling.

Source: Pakistan Today March 02, 2021 16:52 UTC