ISLAMABAD: The Directorate General of Customs Valuation Karachi has fixed new customs values on the import of 31 different types of power tools for assessment of duties and taxes.
The directorate issued the valuation ruling on Saturday. The FBR has divided the power tools into three categories for assessment of duties and taxes.
Category A: The values mentioned are for brands of Power Tools: Bosch, Makita, Hitachi, AEG Dewalt, Black & Decker, Milvnikee, Hyundai and Daewoo Siemens.
Customs’ values of galvanized nuts, other items revised
Category-II: The values mentioned are for brands of Power Tools: Inge, Total, EM top, Goacheng, Doncheng, Sancan, Jadewar, Crown, Boda, DCA, Uyus Tools, SMT, Wilm, Hoteche, Roney, Prescote, Energizer and Wadfow.
Category-C: The values mentioned are for other low end brands.
The ruling revealed that in pursuance of analysis of import data, current market trends, difference in market prices and customs values, an exercise for the determination of customs values of subject hoods was initiated under Section 25 and 25A of the Customs Act, 1969.
The stakeholders contended that there is huge under invoicing of power tools in Pakistan by certain importers which can be verified from Pakistan Revenue Automation Limited (PRAL) data. The market inquiry and international publication prices confirmed the values are on higher side.
Copyright Business Recorder, 2024
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