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ISLAMABAD: The Directorate General of Customs Valuation, Karachi has issued new customs values on the import of latex rubber threads from China, Malaysia, and Thailand in view of international prices. In this regard, the directorate has issued a valuation ruling 1822 of 2023, here on Saturday.

Earlier, the Customs values of latex rubber threads were determined vide valuation ruling No 1633/2022. However, representations were received from different stakeholders to re-determine the values afresh in line with the prevailing international prices.

Moreover, the Federal Tax Ombudsman also directed the Directorate General of Customs Valuation, Karachi to dispose of the complainant’s request for a review of VR No 1633/2022 and to provide a fair opportunity of hearing. Therefore, an exercise has been undertaken by this directorate to determine the same.

Japanese rubber up

The new customs values of latex rubber threads would be used for the assessment of duty/taxes at the import stage. 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 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 goods value method provided in Section 25(5) ibid was examined for applicability to determine Customs values of subject goods. The data provided some references; however, it was found that the same could not be solely relied upon due to absence of absolute demonstrable evidence of quantities and qualities and variation in declaration. Then similar goods value method provided in Section 25(6) ibid was examined for applicability to determine Customs values of subject goods.

The data provided some references; however, it was found that the same could also not be solely relied upon due to afore-stated reasons. In line with statutory sequential order of Section 25 of the Customs Act, 1969, this Directorate conducted market survey under sub-section (7) of Section 25 of the Customs Act, 1969.

However, the item was not readily available in the market. Valuation method provided vide section 25(8) of the Customs Act, 1969, could also not be applied as the conversion cost from constituent materials and allied expenses at country of export were not available. Therefore, on the basis of available data/information collected and exercise conducted, the values of latex rubber threads have been determined under Section 25(9), read with sub-section 25(6), of Section 25 of the Customs Act, 1969.

Copyright Business Recorder, 2023

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A Nov 05, 2023 01:43pm
Pakistan Customs is a vital department of the government that is responsible for collecting revenue from imports and exports. However, corruption and malpractice have plagued the customs operations at Karachi Port, the largest and busiest port in the country.
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