Customs values on paraffin wax, calcium carbide revised

ISLAMABAD: The Directorate General of Customs Valuation, Karachi has revised customs values on the import of paraffin wax and calcium carbide from China, Qatar, Taiwan and the Middle East.

In this connection, the directorate issued a valuation ruling on Monday.

Earlier, the Customs values of paraffin wax and calcium carbide were determined under Section 25A of the Customs Act, 1969 vide valuation ruling No1603/2022. However, different stakeholders requested to re-determine Customs values afresh in line with values prevalent in the international market. Therefore, an exercise has been undertaken by the Directorate to determine the same.

The issues pertaining to the valuation of subject goods were deliberated upon in detail in the afore-referred meeting. They submitted their proposals for consideration and the same were considered pertaining to the valuation of subject goods.

The importers contended that the values are higher in the valuation ruling and same need to be revised downward at prevailing international prices. They also submitted proposals in this regard. Ninety days’ clearance data has been retrieved and the same has been scrutinised.

In cases, where declared values are higher than the Customs values determined in this ruling, the assessing officers shall apply those values in terms of sub-section (1) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officers shall take into account the difference between air freight and sea freight while applying the Customs values in this ruling, the ruling added.

Copyright Business Recorder, 2023