ISLAMABAD: The Directorate General of Customs Valuation Karachi has issued new customs values on the import of glass refills for vacuum flasks from China for accurate assessment of duties and taxes.
The directorate has issued a new valuation ruling (1941) here on Saturday.
The new customs values have been fixed at US$1.95 per kg on the import of glass refills for vacuum flasks from China whereas value would be US$2.15per kg on the import of this item from other origins.
Background of the issue revealed that the Directorate had issued Valuation ruling in 2017. As the existing Valuation Ruling was eight years old, accordingly, in pursuance of analysis of import data, current market trends, the difference in market prices and customs values, an exercise for the re-determination of customs values of subject goods was initiated under section 25 and 25A of the Customs Act, 1969.
During the meeting, the stakeholders argued that the Customs values of subject goods as determined vide aforementioned Valuation Ruling was already on higher side. They opined that their declared values are actual transaction values and should be therefore considered for re-determination of Customs values.
However, the stakeholders provided limited relevant information and did not fully assist the department in establishing fair customs values. The viewpoints of the stakeholders were heard in detail and evaluated to arrive at the Customs values of the subject goods.
A market enquiry as envisaged under Sub-Section (7) of Section 25 of the Customs Act 1969 was conducted as per procedure of Office Order. Various wholesale and retail markets were visited and the actual prices of subject goods were acquired by adjusting the amounts of profits, the C&F value was determined under Section 25(7) read with Section 25(9) of the Customs Act, 1969 & read with relevant customs rule of the Customs Rules, 2001.
Copyright Business Recorder, 2025
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