ISLAMABAD: The Directorate General of Customs Valuation Karachi has revised customs values on the import of keychain and parts (low end/unpopular brands) from China.
According to a valuation ruling issued by the directorate, the customs values for Key Chain and Parts (Low End/Unpopular Brands) shall be assessed to duty/taxes at the specified minimum Customs values.
Background of the issue revealed that the customs values of Key Chain and Parts (Low End/Unpopular Brands) were determined vide Valuation Ruling No. 110912017 dated 22.03.2017.
The Existing Valuation ruling is more than 07 years old, therefore, an exercise has been initiated by this Directorate to re-determination of Customs values under Section 25A of the Customs Act, 1969.
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Meeting notices to all stakeholders were issued but no one appeared. The Directorate initiated an exercise to determine the customs value of subject items, according to the international and local markets to maintain uniformity.
Finally, clearance data of similar/identical goods, market information from surveys, online information as well as values from internationally as provided under section 25 ibid so gathered have been analyzed for determination of custom values of the subject goods under Section 25(7) of the Customs Act, 1969, the ruling added.
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