KARACHI: The Directorate General of Customs Valuation has revised the customs value of home and office furniture and parts vide Valuation Ruling No 955/2016 under Section 25-A of the Customs Act, 1969.
Earlier, the customs values of home and office furniture and parts were determined through Valuation Ruling No 855/2016 dated May 19, 2016. Pakistan Furniture Importers Association and others filed a review petition before the Director General Customs Valuation, which were disposed of.
Meanwhile, the representations received from Pakistan Furniture Importers Association and Pakistan Children Hardware that the Ruling No.855/2016 was issued without mentioning the material and regarding correction of unit of measurement and H.S Codes.
They submitted that the values may be revised in line with the prices prevailing in the international market. The said valuation ruling may be revised in the light of material, local market inquiry and international prevailing prices. Therefore, this directorate general initiated an exercise for determination of custom values of home and office furniture and parts.
The department held meeting with stakeholders on August 29, 2016, while the importers were also requested to furnish the documents, including invoices of imports during last three months showing factual value, websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, copies of contracts made / LCs opened during the last three months showing the value of item in question and other items before or during course of meeting.
After hearing the point of view of applicants and proper market survey, the department has issued latest values of above mentioned items.
