ISLAMABAD: Directorate General Customs Valuation Karachi has revised customs values on the import of meat & bone meal (feed grade) from Brazil.
In this regard, the directorate has issued a new valuation ruling (1924 of 2024).
Background of the issue revealed that the existing Publication Valuation Reference was related to three origins only; i.e., Paraguay, Oman and Kuwait.
Customs values on import of Cereal Foods in bulk packaging revised
Whereas, the Directorate received a letter from Collectorate of Customs Appraisement (SAPT) regarding incorporation of Brazilian origin in current PVR given the substantial import from Brazil; therefore, in pursuance of analysis of import data, current market trends the difference in market prices and customs values, an exercise for the determination of customs values of subject goods was initiated under Section 25 and 25A of the Customs Act. 1969.
During the exercise, importers contended that that the existing customs values are on higher side given the international prices of subject goods.
They further contended that the item is an internationally traded commodity, whose prices fluctuate based on production, demand and supply.
They argued that the goods have always been imported at prevailing international prices with declared values rising in line with market trends indicating no intention of under-invoicing. Overall, the value ranged from $275 to $570, and the current value of $360 reflects the prevailing market conditions.
The importers claimed that the Export GDs, import through LCs and bank contracts confirm the accuracy of the declared values. Most importers are industrial exporters using the product for in-house consumption in the animal feed industry and among the largest players globally, with no history of under-invoicing.
Regarding Brazilian origin products, the importers argued that due to their large production and supply, offer better prices in the international market. Finally, they suggested that the data including export records can be verified to support the authenticity of the declared values. The issues pertaining to the valuation of subject goods was deliberated upon in detail in the afore-referred meetings.
Ninety (90) days’ clearance data has been retrieved and the same has been scrutinized.
Subsequently, market inquiry has been conducted and examined in the light of this Directorates Office Order, it added.
Copyright Business Recorder, 2024
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