KARACHI: The Directorate General of Customs Valuation has revised the customs value of disposable foam cups through Valuation Ruling No 1002/2017 under Section 25-A of the Customs Act, 1969.
According to details, customs values of disposable foam cups were earlier determined through Valuation Ruling No. 433/2012 dated 17.02.2012. The Valuation Ruling No. 433/2012 dated, 17.02.2012 was more than 04 years old therefore an exercise was undertaken to re-determine the customs values of disposable foam cups in terms of Section 25-A of the Customs Act 1969 with a view to reflect the current prices of these items prevailing in the international market.
Sources told Customs Today that meetings with all the stakeholders including commercial importers were held on 08.11.2016, 23.11.2016 and 06.12.2016 to discuss the current international prices of the subject item. The commercial importers stated that the prices of subject items are showing down ward trend in the international markets. The view point of all participants was heard in detail and considered to arrive at Customs value of disposable foam cups.
Valuation methods provided in Section 25 of the Customs Act 1969 were duly applied in regular sequential order to address the particular valuation issue at hand. The transaction value method as provided in Sub-Section (1) of Section 25, found inapplicable in light of the wide variety of invoices submitted at import stage the veracity of which could not be ascertained fully, hence requisite information required under law was not available to arrive at the correct transaction value. Identical / similar goods value method provided vide Sub-Sections (5) & (6) of Section 25were examined for applicability to determine Customs value of subject goods.
