KARACHI: The Directorate General of Customs Valuation has revised the customs value of potato frozen French fries vide Valuation Ruling No 976/2016 under Section 25-A of the Customs Act, 1969.
The customs values of potato frozen French fries were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No. 842/2016 dated 2-5-2016.
References were received from importing stakeholders for revision of valuation ruling as they claimed that international prices of Potato frozen French fries had declined.
Accordingly to determine the accessible value of potato frozen French fries in light of current prevailing prices in the international market, an exercise to determine the Customs Values of subject goods was under taken by this Directorate General.
It is pertinent to note here that M/s Siza Foods (Pvt) Limited has filed petition in Sindh High Court against the impugned Order-In-Revision No. 230/2016 dated 11.08.2016 and during the said meeting, it was contended that since the forthcoming ruling shall be applicable for future imports, therefore, they have no objection on issuance of valuation ruling for the subject goods afresh keeping in view the prevailing international and local market prices.
