Customs’ values on import of PVC Electric Insulation Tape revised

ISLAMABAD: Directorate General of Customs Valuation Karachi has revised customs values on the import of PVC Electric Insulation Tape from China, Hong Kong, Vietnam, Korea, Taiwan, UAE, Canada, Europe and Japan.

Earlier, the Customs values of PVC Electric Tape were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1589/2022. However, different stakeholders requested to determine Customs values afresh in line with values prevalent in the international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.

The new ruling of the directorate revealed that meeting was convened which was attended by all the relevant stakeholders.

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

The importers contended that the Customs values of subject goods are in line with the prevailing international prices. They also promised to submit the copies of Sales tax invoices to substantiate their claim, but they failed to submit the same. In addition to these proposals, Ninety (90) days’ clearance data has also been retrieved and the same has been scrutinized.

The customs values as specified have been determined after duly accounting for the aspect of tare weights regarding spools/ wrapping etc. At the assessment stage, no further allowance is admissible on any account, the ruling added.

Copyright Business Recorder, 2023