Customs value of iron or steel wool/port scourer revised

KARACHI: The Directorate General of Customs Valuation (DGCV) has revised the customs value of iron or steel wool/port scourer under sub-section (7) of the section 25 of the Customs Act, 1969.

The Directorate has received a letter from the Appraisement Collectorate Lahore, informing that they have assessed a GD provisionally and importer has filed a review petition under section 25D of Custom Act 1969 before DGCV which was not finalized and requested for an early issuance of revised valuation ruling.

Accordingly, an exercise was initiated to re-determine the customs value of iron and steel wool/pot scourer under section 25A of the Customs Act, 1969, in terms of sub- rule (a) of Custom Rule 107.

For this purpose, meetings with all stakeholders, trade bodies including the representatives of clearance Collectorates was held and importers/stakeholders were requested to submit their proposals/suggestions, as well as the following documents before or during the course of stakeholders’ meeting, so that the customs values could be determined.

The importers during the meeting claimed that the manufacturing process was relatively simple but the end product was of low value and quality. On the other hand, manufacturers were of the view that the values in the previous ruling are in order since raw material prices are high. Later, the Directorate has conducted market inquiries under sub-section (7) of section 25 of the Customs Act, 1969 and finally, reliance had to be made on sub-section (7) of the section 25 of the Customs Act, 1969 to determine the customs values of iron or steel wool/port scourer.

Copyright Business Recorder, 2021