ISLAMABAD: Keeping in view Chinese investment in local manufacturing of tyres and tubes, Directorate General Customs Valuation Karachi has raised customs values on tyres and tubes of trucks and buses imported from Japan and China.
The Chinese investor has highlighted the customs values of the import tyres and tubes and their overall investment in domestic manufacturing of tyres and tubes. Therefore, reasonable increase has been made in the values of imported tyres and tubes to encourage foreign investment in the domestic manufacturing of these items, sources said. In this connection, Directorate General Customs Valuation Karachi has revised custom values on tyres and tubes of trucks and buses imported from Japan and China.
The directorate has also revised customs values on the import of dry coconut/ dry Copra from Sri Lanka, Indonesia/ Malaysia; desiccated coconut imported from all origins and amended values on the import of frozen Pangasius fillet, Rohu and salmon fish from Vietnam/ Myanmar.
According to a valuation ruling issued on Monday, the customs values on the import of tyres and tubes of light trucks and buses has been revised. Through another ruling, the customs values of frozen Pangasius Fillet, Rohu & salmon fish have been determined.
Earlier, the Customs values of frozen Pangasius Fillet, Rohu & salmon fish were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1399/ 2019. The existing valuation ruling was more than three years old and the Customs value determined therein were not reflective of prevailing international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.
In line with statutory sequential order of Section 25 of the Customs Act, 1969, this Directorate conducted market survey under sub-section (7) of Section 25 of the Customs Act, 1969. Various Retail markets were visited to observe the actual prices of frozen Pangasius Fillet, Rohu and salmon fish. On the basis of available data/ information collected and exercise conducted, the values of frozen Pangasius Fillet, Rohu and salmon fish have been determined under sub-section (7), read with Section 25 (9), of Section 25 of the Customs Act, 1969.
The customs values of frozen Pangasius Fillet, Rohu and salmon fish, hereinafter specified, shall be assessed to duty / taxes at the Customs values as per specified rates. Under another ruling, the Customs values of dry coconut/ dry Copra have also been determined.
Earlier, the Customs values of dry coconut/ dry Copra were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1368/2019 dated 30-04-2019. The existing valuation ruling was more than three (03) years old and the Customs value determined therein were not reflective of prevailing international market.
As per a new ruling, the Customs values of desiccated coconut have been determined as per new rates.
Earlier, the Customs values of desiccated coconut were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1358/2019 dated 28-03-2019. The existing valuation ruling was more than three years old and the Customs value determined therein were not reflective of prevailing international market.
Copyright Business Recorder, 20224