New customs values on import of iron wire net/mesh, stainless steel wire net/mesh

ISLAMABAD: Directorate General of Customs Valuation Karachi has issued new customs values on the import of iron wire net/mesh, stainless steel wire net/mesh from China.

According to a ruling (1811 of 2023) issued by the directorate on Monday, in exercise of the powers conferred under section 25A of the Customs Act, 1969, the customs values of Iron Wire Net / Mesh, Stainless Steel Wire Net/Mesh have been determined.

The directorate has superseded the old Valuation Ruling No.877/2016. Earlier, customs values of Iron Wire Net / Mesh, Stainless Steel Wire Net / Mesh were determined and notified vide Valuation Ruling No.877/2016. The Valuation Ruling was more than 5 years old, since then prices of the said goods have considerably changed in the international market since. Therefore, an exercise has been undertaken by the directorate to determine the same.

Ninety days clearance data has been retrieved and the same has been scrutinized. Subsequently, market inquiry has been conducted and examined in the light of the Directorate’s Office Order No. 17/2014.

The valuation methods specified in Section 25 of the Customs Act, 1969, were duly applied in sequential order to arrive at the Customs values of subject goods. The transaction value method as provided in sub-section (1) of Section 25 of the Customs Act, 1969, was found inapplicable due to wide variation of values in import data. Moreover, the requisite information under law was not available to arrive at correct/transaction value. Therefore, identical/similar goods value methods provided in Sections 25(5) was examined for applicability to determine customs values.

Customs values of Iron Wire Net / Mesh, Stainless Steel Wire Net / Mesh 50 up to 150 and Stainless Steel Wire Net / Mesh 200 up to 250 hereinafter specified shall be assessed to duty/taxes at specified customs values, the ruling added.

Copyright Business Recorder, 2023