ISLAMABAD: Directorate General of Customs Valuation, Karachi has fixed the customs values on the import of wheel rims (alloy/other than alloy) of vehicles.

According to a new valuation ruling issued by the directorate, the values of wheel rim (alloy/other than alloy) of vehicles were issued under Section 25A of the Customs Act, 1969; vide Valuation Ruling, No 1441/2020 dated 02-03-2020.

Model Customs Collectorate (A&F) East, Karachi referred the matter of wheel rims of higher diameters, which were not included in earlier ruling with the request to determine value of such wheel rims also.

Therefore, an exercise was initiated in this Directorate General for the determination of customs values under Section 25A of the Customs Act, 1969.

The importers during the meeting were of the view that the prices of the subject commodity have not increased in the international market and the values be maintained as per existing Valuation Ruling.

However, they did not submit any documents such as import invoices/sales tax invoices, evidences or other relevant documents in support of their contentions.

M/s Balochistan Wheels Limited submitted documents in respect of non-alloy wheel rims along with samples which were examined and compared with prevailing trend in the local market for determination of values thereof.

In cases where declared/transaction values are higher than the Customs values determined in this Ruling, the assessing officers shall apply those values in terms of subsection (1) of Section 25 of the Customs Act, 1969 and the same may be communicated to this Directorate General forthwith.

In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight, while applying the Customs values determined in this Ruling.

Validity of this Valuation Ruling: The values determined vide this Ruling shall be the applicable Customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of sub-Sections (1) or (3) of Section 25-A of the Customs Act, 1969.

The new ruling has superseded Valuation Ruling No. 1441/2020 dated 02-03-2020.

This Valuation Ruling is appealable under the law and a revision petition may be filed against this Ruling, under Section 25-D of the Customs Act, 1969, within 30 days from the date of issue of this ruling before the director general, Directorate General of Customs Valuation, 7th Floor, Custom House, Karachi.

Copyright Business Recorder, 2021