KARACHI: Directorate General of Customs Valuation (DGCV) has revised the customs values of iron, steel scrap, and others under section 25(9) of the Customs Act 1969.
According to the details, the customs values of iron, steel scrap, and others were determined in February 2021, however, the DGCV had set aside the valuation ruling after the petitions filed by some importers and directed that afresh valuation ruling of all types of scrap (including motor scrap) need to be issued after giving proper hearing to all concerned importers. Therefore, an exercise to determine the customs values of the subject goods afresh was initiated under section 25-A or the Customs Act, 1969.
For the purpose, meetings were held with the stakeholders including FPCCI, KCCI, Pakistan Association of Large Steel Producers, Pakistan Steel Melters Association and Pakistan Steel Re-Rolling Mills Association.
Most of the participants of the meeting contended that the values determined on the basis of London Metal Bulletin (LMB) are causing problems to the importers of different kinds of scraps at the clearance stage because the prices of only shredded scrap for Pakistan imports is available in LMB. For other types of scrap like HMS, re-rollable, compressor, motor, etc., there exists no published price mechanism.
After listening to the stakeholders, the DGCV has applied all methods and examined the clearance data, international prices, and market information and later determined the customs values of the said commodities under section 25(9) of the Customs Act 1969.
Copyright Business Recorder, 2021