ISLAMABAD: The Directorate General of Customs Valuation Karachi has fixed new customs value of 1.8 US$ per kg on the import of empty tin cans of all origins.
The directorate has issued a valuation ruling number.1864 of 2024 here on Tuesday.
Background of the valuation issue revealed that a representation was received from M/s Fine Daily (Pvt.) Ltd. indicating under-invoicing in the import of empty tin cans. This representation is also forwarded by the office of the Chief Collector of Customs (Appraisement).
Accordingly, an exercise has been carried out by the Directorate to determine the customs values of the said item according to declare and assess values of the said item in Pakistan Revenue Automation Limited (PRAL) data, as well as, the prevailing price trends in international market. Meeting was attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the meeting.
During the meeting, M/s Fine Daily argued that they have been importing empty tin cans declaring C & F value at US$ 1.8/kg while some other importers are under-invoicing the same item causing a revenue loss to the national exchequer in the absence of a Valuation Ruling. For this purpose, ninety (90) days’ data has been retrieved and the same has been scrutinised.
Detailed analysis of the ninety days data has reflected that chunk of the assessments are finalised at US$ 1.8/kg.
In a good number of goods declarations, the declared values are also at US$1.8/kg. As a result, the Customs value of the subject goods has been determined under Section 25(5) of the Customs Act, 1969.
Copyright Business Recorder, 2024
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