KARACHI: Customs Valuation Director Wasif Ali Memon has revised the customs value of abrasive product through Valuation Ruling No 962/2016 under Section 25-A of the Customs Act, 1969.
Customs values of Abrasive products were determined vide Valuation Ruling No.698/2014, dated 06-11-2014. Certain importers have approached this Directorate General with the request to revise the Ruling being more than two years old. Therefore, in order to rationalize the values, keeping in view the international price trend of the subject goods; an exercise was under taken by this Directorate General, to determine the customs values of Abrasive Products in terms of section 25A of the Customs Acts, 1969.
- Stakeholders’ participation in determination of Customs values: Stakeholders’ meeting was held on 09-11-2016. The participants had been requested to furnish the following documents before or during the stakeholders’ meeting: –
(i) Invoices of imports made during last three months showing factual value, (ii) Websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, (iii) Copies of Contracts made / LCs opened during the last three months showing the value of item in question, (iv) Copies of Sales Tax Invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
- The requisite documents were not submitted by any of the participants. However, arguments were put forward by the manufactures M/s Falcon Abrasive (Pvt) Limited and the importers. The manufactures contended that the values in the previous valuation ruling were already determined on lower side as compared with the prices prevalent in the international market. The importers, on the other hand argued that values of all items especially ‘abrasive latex paper sheet / roll’ were too high and not reflective of international prices.
- 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
- Copies of Sales Tax Invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
