KARACHI: Directorate General of Customs Valuation Deputy Director Chaudhary Rizwan Bashir Kalair has issued the reference values for bagomatic rubber scrap.
This directorate general initiated an exercise to develop database values for different items wherein it has been observed that declarations are wide range and do not correctly reflect values of the items as traded in the international market.
During the scrutiny of previous clearance data, it has been observed that bagomatic rubber scrap falling under PCT headings 4004.0010 is being assessed at different values and certain transactions are on very low side.
This department, after carefully examining the clearance data, also conducted market inquiries to verify the authenticity of declarations. Online prices were also obtained to corroborate the findings of the market surveys. The reference values of bagomatic rubber scrap of all origins are fixed at $0.35/kg.
The notification states that these reference values are, however, for reference/guidance only and final assessment may please be made after considering others factors which have baring on the customs values.
The clearance collectorate may like to consider the values given above before finalizing the assessment of the subject items. If further fine-tuning in specifications and ensuing values are required, collectorate may forward a reference along with detailed justification and worksheets so that requisite adjustments are accordingly issued.
The Model Customs Collectorates, including Apprasiement-East/West, Port Qasim and Preventive of Karachi, Lahore Customs Appraisement and Preventive, Sambrial, Faisalabad, Multan, Islamabad, Hyderabad, Quetta, Peshawar, Gwadar and Gilgit-Baltistan have been informed about new reference values. A copy of the notification has also been sent to Customs Valuation DG.
