ISLAMABAD: Directorate General of Customs Valuation Karachi has revised customs values on the import of almonds and walnuts.
The directorate issued valuation rulings numbers 1825 of 2023 and 1826 of 2023 on Monday.
According to the ruling (1826 of 2023), the customs values have been revised on the import of almonds from the USA and Australia whereas values are re-determined on the import of walnuts from China, USA and Chile/ Argentina.
In case of import of value added almonds like salted, roasted, etc., up to 15 percent loading on the above determined values is advised, directorate added.
Earlier, the customs values of almonds were determined under section 25A of the Customs Act, 1969 vide Valuation Ruling No.1209/ 2017.
There were several representations from importers wherein they stated that the Customs values determined in the existing valuation rulings are not reflective of prevailing international market. Therefore, an exercise has been undertaken by the directorate to determine the same.
Moreover, import data of almonds for past three financial years has been analysed. For Pakistan, import value has declined from Rs1.77 billion (2020-21) to Rs0.68 billion during 2022-23, whereas, through Afghan Transit Trade, the import value has increased from Rs2.34 billion (2020- 21) to Rs10.07 billion during 2022-23.
Under the valuation ruling (1825 of 2023), there were several representations from importers wherein they stated that the customs values of walnuts determined in the existing valuation ruling are not reflective of prevailing international market. They requested to determine the customs values afresh in accordance with the trend of values in the international market.
Various retail/ wholesale markets were visited to observe the actual prices of Walnuts (In Shell & Shelled). On the basis of available data/information collected and exercise conducted the values of Walnuts (In Shell & Shelled) have been determined, the ruling added.
Copyright Business Recorder, 2023