ISLAMABAD: The Directorate General of Customs Valuation Karachi has revised the customs/export value of seasonal fruits (Kino, etc) from December 1, 2024 to May 15, 2025 to generate maximum revenue from exports of fruits during current winter season.
In this regard, the directorate has issued a new valuation ruling (4 of 2024) here on Thursday.
The Export (freight on board) FOB Value of Mandarins (including tangerines and satsumas) and Kino are fixed at US$410 per metric ton (MT). In case exports to Afghanistan, the export value has been fixed at $310 per metric ton.
According to the ruling, the customs export value for Kino would be applied as the Minimum Export Price.
$130 per metric ton customs value fixed on Pink Rock Salt’s export
In the exercise of powers conferred under Section 25A read with Section 25 (15) of the Customs Act 1969, the Customs/Export value of Kino has been determined for the period December 1, 2024 to May 15 2025.
Background of the valuation issue revealed that the Federal Board of Revenue (FBR) vide letter read with Ministry of Commerce letter directed the Directorate of Valuation, Lahore to determine export value of some commodities.
Consequently, an exercise was initiated by the Directorate of Customs Valuation Lahore to determine the said value in terms of Section 25A read with Section 25 (15) of the Customs Act, 1969.
Four meetings were convened for participation of major stakeholders including, representatives from Trade Development Authority (TDAP), Federation of Pakistan Chambers of Commerce & Industry, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA), and exporters of Kino.
The issue pertaining to the valuation of the subject item was deliberated upon in detail in the afore-referred meetings. Proposals submitted by stakeholders for consideration were thoroughly analyzed. The documents submitted by the stakeholders, arguments submitted during the meeting, price trendsand exports data from PRAL were also examined for determination of customs export value of `Kino’.
Method adopted to determine Customs/Exports value: Valuation provisions under Section 25 (15) of the Customs Act, 1969 were followed to determine export value that included export data, market survey, international market trends and documents submitted by stakeholders, ruling added.
Copyright Business Recorder, 2024
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