ISLAMABAD: The Directorate General of Customs Valuation Karachi has revised customs values on the import of submersible motors from China, Europe and other origins.
The directorate has issued a new valuation ruling number (1869 of 2024).
The new customs values have been notified on the import of different types of “Submersible Motors” of Stainless Steel and Cast Iron.
According to the ruling, the customs values of “Submersible Motors” were determined in 2016. A representation was received in the directorate to initiate process of issuance of new valuation ruling on the import of “Submersible Motors,” as the last ruling was six years old and there is underinvoicing on the import of this item. Moreover, importer requested to include per Kg criteria to circumvent under invoicing of subject good.
Importer booked for evasion of Rs30m duty
The representative of Collectorate of Customs (Appraisement) Karachi also submitted the copy of the FIR in which the importer tried to evade duties and taxes by mis-declaration of specifications of the imported goods and pasted forged labels on the said imported goods.
Therefore, an exercise has been undertaken by the Directorate to determine the same.
The valuation methods specified in section 25 of the Customs Act are duly considered in sequential order to arrive at the Customs values of subject goods. The transaction value method as provided was found inapplicable. Therefore, identical goods value method provided in Section 25(5) was examined for applicability to determine customs values of subject goods.
However, it was found that the same could not be solely relied upon due to absence of demonstrable evidences of quantities and qualities. Information available was hence found incomplete. Subsequently, similar goods value method was also examined the applicability to determine customs values of subject goods.
The import data of Submersible Motors for the last 90 days was examined. However, Declared Values (DV) of both identical and similar goods showed consistent variations.
This method was also found inapplicable. Market enquiry was also conducted but could only yield results to some extent because of variations in market prices.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.