FBR to look into used computers valuation issue

The Chairman Federal Board of Revenue (FBR) Muhammad Javed Ghani has promised to look into the issue of steep hike in valuation of used computers and laptops.

While having a telephonic conversation with the President Lahore Chamber of Commerce & Industry Mian Tariq Misbah, Chairman FBR said that a sudden hike in the valuation of old computers and laptops will be reviewed in the larger interest of the country.

The Chairman FBR assured of an amicable resolution of the situation after the hike of valuation of used computers and laptops up to 50 to 500 percent. He said that FBR has always worked in the best interests of the country and the stakeholders. He added that the reservations of the traders would also be removed on priority as traders are the backbone of the economy, he added.

LCCI President Mian Tariq Misbah took this issue with the FBR Chairman after having an emergent meeting with Pakistan Used Computer Importers & Dealers Association, led by Malik Kaleem Ahmed, President Hafeez Centre Traders Welfare League, at the Lahore Chamber of Commerce & Industry. LCCI Vice President Tahir Manzoor Chaudhry was also present on the occasion.

The LCCI President said that recent Valuation Ruling Bearing No. 1519/21issued on March 01, 2021, would severely impact the traders. He said that the IT sector plays a crucial part in the development of the economy and business of the country. “IT is the backbone of every business whether it is Industry or Health.” He said that it has played a vital role in education and work from home during the pandemic and will continue to do so.

The Association members informed the LCCI office-bearers that a sudden hike of 50 to 500 percent in the valuation of used computers and laptops would hit the traders hard. The association representatives said that the used laptops and computers have been fulfilling the needs of the poor and lower-middle class of the country for since long.

They said that since the duty and taxes have been raised many times for the used computers and laptops it would be next to impossible for them to purchase the machines as old and used computers and laptops would be equally costly.

They said that new computers and laptops have been catering to the needs of just 20 percent of the population as they are costly and unaffordable for most people.

"If the government would keep discouraging the use and old computers and laptop business, the investors would be forced to shift their business to other countries," they said. They added that a considerable number of investors have already shifted their business to Dubai or other parts of the world.

“India has become one of the biggest countries dealing in old and used computers”, they informed and added that Sharjah and Dubai are fast becoming big markets for used and old computers. They said that the government has been failing in the provision of the level playing field for the used and old computers and laptops business dealers.

On the occasion, the LCCI president assured the delegation of taking up the matter with the FBR and customs authorities at the earliest.