KARACHI: The Directorate General of Customs Valuation has revised the customs value of tyres and tubes vide Valuation Ruling No 985/2016 under Section 25A of the Customs Act, 1969.
Earlier, the custom values of tyres and tubes were determined vide Valuation Ruling No 812/2016 dated January 28, 2016 .The trade community has been demanding revision of prices of this commodity owing to downward trend in its prices in international markets and in the light of order of Sindh High Court (SHC) dated November 13, 2015.
Therefore, an exercise was undertaken to re-determine the customs value of the subject goods under Section 25A of the Customs Acts 1969.A meeting with stakeholders was held on Oct 4, 2016 which was attend by commercial importers including office bearers of pakistan tyres importers and dealers association.
All the participant had been requested to submit the documents, including copy of GDand invoices of importers during last three months showing factual value, website name and e mail addresses of known foreign manufactures of the items in question through which the actual current value can be ascertained, copy of contracts made /LCs opened during the last three months showing the value of the items in question, copy of sales tax invoices issued during last three months showing the difference in prices( excluding duty and taxes ) to substantiate that the benefit of difference in prices is passed on to the local buyers and others so the department could revise the values. Following are the customs values of tyres and tubes;
