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ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new Customs values on the import of low-end brands of computer/multimedia and trolley speakers for accurate assessment of duties and taxes.

In this regard, the directorate has issued a valuation ruling number 1816 of 2023 on Wednesday.

The directorate has issued new Customs values on the import of 17 different types of computer/multimedia speakers up to 8“ (low-end brands) and 17 types of trolley speakers 1.0 (with all options/ low-end brands) and 39 types of multimedia tower speakers (low-end brands).

Customs’ values on import of 26 types of spices, herbs, gums fixed

Earlier, the Customs values of computer/multimedia and trolley speakers were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No 1502/2020. The new ruling has superseded the old ruling.

The new values would not be applicable to international brands like Sony/Samsung/Toshiba/Bosch/Philips/Creative/Logitech/SharP/L.G/Mercury/Yamaha/Pioneer/Bose/Sonashi/ Merlin/ Boston/Acou-stic/Beats and other similar brands.

The new values are applicable only to low-end brands. Speakers with different specifications may be assessed under identical goods method or similar goods method as laid down in Section 25 (5) & (6) respectively of the Customs Act, 1969.

The directorate stated that the valuation ruling is almost three years old and the values of subject goods in the international markets are showing varying trends. Therefore, keeping in view the facts, an exercise was undertaken by the Directorate General of Customs Valuation to determine the Customs Values of subject goods in terms of Section 25-A of Customs Act, 1969.

A meeting was attended by relevant stakeholders of computer/multimedia/ speakers. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the said meeting.

Ninety days clearance data was retrieved and the same has been scrutinized. Subsequently, market inquiry has been conducted and examined. Various markets were checked to observe the actual prices of computer/multimedia and trolley speakers.

On the basis of available data/information collected and exercise conducted, the values of subject goods have been determined under Section 25 of the Customs Act, 1969, the ruling added.

Copyright Business Recorder, 2023

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