ISLAMABAD: The Directorate General of Customs Valuation Karachi has revised customs values on the import of one-side coated duplex board and two-side coated packaging boards from Korea, China, Hong Kong, Taiwan, Indonesia, Malaysia, Europe, USA, Canada, and the Middle East.
The Federal Board of Revenue’s directorate has issued a new valuation ruling (1800 of 2023) here on Saturday.
The directorate had fixed the values of the said items in May 2023. Now, the new valuation ruling has superseded the Publication Value Reference No. 05/2023.
The new ruling revealed that the stakeholders approached the directorate for re-determination of the values in line with values prevailing in the international market.
They contended that the international prices of pulp (raw material for paper) have declined by 30 percent and 15 percent on packaging board.
Stakeholders also contested that the overall freight has also been decreased, resulting in decreased import values of the said items.
The directorate has rejected the viewpoint of the importers. The observations of the importers have been examined and found to be misplaced based upon their own declarations filed at the import stage for the clearance of the said goods.
Therefore, identical goods value method provided in Section 25(5) ibid was examined for applicability to determine Customs values of subject goods.
Analysis of clearances (during the past three months) of the said items is undertaken which has reflected that in case of 2/s Coated Packaging Board the importers themselves declared (in majority of the Goods Declarations) values which are in the range from US$ 640 per metric ton (PMT) to US$ 700 PMT.
Finally, the values of One Side Coated Duplex Board (Grey Back- 300 GSM and above) and Two Side Coated Packaging Boards have been determined in terms of Section 25(5) read with Section 25(9) of the Customs Act, 1969. One Side Coated Duplex Board (Grey Back- 300 GSM and above) and Two Side Coated Packaging Boards, hereinafter specified shall be assessed to duty/taxes at the given customs values of the ruling.
Copyright Business Recorder, 2023