Import from China: Customs’ values on fleece fabrics fixed

ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new Customs values on the import of six different types of Fleece Fabrics from China for accurate assessment of duties and taxes.

In this connection, the directorate has issued valuation ruling (1828 of 2023) on Friday.

According to the ruling, the new Customs values of Polyester Polar Fleece Fabric (Plain); Polyester Polar Fleece Fabric (Printed); Sherpa Fleece Fabric; Polyester Tricot Fleece Fabric (Plain) and Polyester Fleece (Other Type) have been determined.

Based on thorough scrutiny of the contracts, commercial invoices, and banking documents (i.e. LCs) provided by Ideas (Pvt) Ltd, this Valuation Ruling does not apply on fleece fabrics, imported by Ideas (Pvt) Ltd, which may be assessed by the Collectorates under Section 25(1) of the Customs Act, 1969.

Earlier, the Customs values of fleece fabric were determined vide Valuation Ruling No.1452/2020.

The Directorate of Customs Valuation, Karachi received representations from stakeholders for revision of the Valuation Ruling in line with values prevalent in international market. Therefore, an exercise was undertaken by this Directorate to revise the same according to the current price trend prevailing in the international market.

The directorate has convened meeting was convened which was attended by the, relevant stakeholders including Ideas (Pvt) Ltd. The issues pertaining to the valuation of subject goods were deliberated upon in detail in aforementioned meeting. Ideas (Pvt) Ltd argued that the Customs values of fleece fabric determined vide previous valuation ruling of subject goods were exorbitantly high which were not acceptable by the importers.

They opined that their declared values are actual transactional values, therefore, should be considered for re-determination of Customs values.

They further argued that prices of constituent material as well as freight have shown downwards trend in recent times and the same may also be considered for re-determination of Customs values of fleece fabric.

All the stakeholders were requested to submit their import documents (Invoices, Copies of Contracts made/ LCs, Copies of Sales Tax Invoices) corroborating their stance for further scrutiny.

Copyright Business Recorder, 2023