‘Skimmed & Instant Milk Powder’ New customs values on import of milk products fixed

ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new customs values on the import of “Skimmed Milk Powder and Instant Milk Powder” from New Zealand, Australia, Europe, Canada, USA, Turkey, and Iran.

The directorate has issued a new valuation ruling (1880 of 2024) to implement new customs values. According to the new ruling, the customs values of Skimmed Milk Powder and Instant Milk Powder were determined vide Valuation Ruling No.1638/2022. The existing valuation ruling was around two years old and the Customs values determined therein were not reflective of the prevailing international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.

The stakeholders submitted that prices have shown a downward trend in international market since the issuance of last Valuation Ruling. It was pointed out that mostly skimmed milk powder is imported in bulk and is used mainly in preparation of confectionery items.

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The ruling stated that the important macroeconomic indicators, which can affect the value and import quantum of the subject goods have been analyzed. For instance, the exchange rate of Pakistan Rupees vis-a-vis US Dollar was @ Rs190.55 when the Valuation Ruling dated April 27, 2022 was issued. However, this exchange rate was at Rs278.10. Subsequently, market inquiry has been conducted.

The new customs value would be applicable on the import of Skimmed Milk Powder (in Retail Packing up to 5Kg per pack); Skimmed Milk Powder (in Bulk Packing); Instant Milk Powder with vegetable fat (in Retail Packing up to 5kg per pack and Instant Milk Powder with vegetable fat (in bulk packing), the directorate added.

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