ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new Customs values on the import of 26 different types of spices, herbs and edible/natural gums.
The directorate has issued a new valuation ruling here on Tuesday.
Earlier, the Customs values of spices, herbs & edible/natural gums were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No 1695/2022 dated 18-11-2022.
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The existing valuation ruling was around one year (01) old and the Customs values determined therein were not reflective of prevailing international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.
In line with statutory sequential order of Section 25 of the Customs Act, 1969, this Directorate conducted market survey under subsection (7) of Section 25 of the Customs Act, 1969. Various Retail/Wholesale markets were visited to observe the actual prices of spices, herbs and edible/natural gums.
On the basis of available data/information collected and exercise conducted, the values of Spices, Herbs & Edible/Natural Gums have been determined under sub-section (7), read with Section 25 (9), of Section 25 of the Customs Act, 1969.
The Customs values of spices, herbs and edible/natural gums - spices, herbs and edible/natural gums, hereinafter specified, shall be assessed to duty/taxes at the specified Customs values, FBR’s directorate added.
Copyright Business Recorder, 2023
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