Customs value on import of artificial leather suitcases revised

ISLAMABAD: Directorate General Customs Valuation Karachi has revised customs value on the import of unbranded and low-end brands suitcases of artificial leather from China and other origins for accurate assessment of customs duty at the import stage.

The Federal Board of Revenue’s directorate has issued a new valuation ruling in this regard.

Now, the customs values would range between US$38-70 per set (C&F) for 3 pieces of suitcases to five pieces of suitcases as per specifications mentioned in the new ruling.

According to the ruling, the customs values of suitcases were determined under section 25A of the Customs Act 1969 vide Valuation Ruling No.1688/2022 which was set aside by the Director General of Customs Valuation with directions to re-determine the customs values of Suitcases (Soft & Hard Types) of Artificial Leather. Therefore, an exercise has been undertaken by this Directorate to determine the same.

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A meeting was convened which was attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the afore-referred meeting. Analysis/Exercise done to determine Customs Values: Ninety (90) days of data have been retrieved and the same has been scrutinized. Subsequently, market inquiry has been conducted and examined in the light of this Directorate’s Office Order and in terms of Section 25 (7) read with Section 25 (9) of the Customs Act, 1969.

In line with the statutory sequential order of Section 25 of the Customs Act, 1969, this Directorate conducted market survey under sub-Section (7), read with section 25 (9), of Section 25 of the Customs Act, 1969.

Various Wholesale and Retail markets were visited to observe the actual prices of suitcases (Soft & Hard Types) of Artificial Leather. On the basis of available data/information collected and exercise conducted the values of suitcases (Soft & Hard Types) of Artificial Leather (low-end brands and un-branded) have been determined under sub-Section (7), read with section 25 of the Customs Act, 1969.

The new valuation ruling is only for low end brands/unbranded and not applicable for branded goods like, Vuitton, Carlton, Samsonite, American Tourister, Summit, Sonada, Logel, the new ruling added.

Copyright Business Recorder, 2022