KARACHI: The Directorate General of Customs Valuation has revised the customs value of glass refills for vacuum through Valuation Ruling No 1024/2017 under Section 25A of the Customs Act, 1969.According to details,
The Custom Value of glass refills vacuum flasks were circulated vide VDB letter No, 122 dated 9-12-2016, certain importers have requested to convert the same in a Valuation Ruling. An exercise was conducted to determine Customs values of glass refills for vacuum flasks in line with current price trend in the international market.
Stakeholders meeting was scheduled on 31-01-2017 , All participants were requested to submit the following documents, 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.
The meeting was attended by a few commercial importers of Glass Refills for vacuum Flasks .The Importers requested that the price of Glass Vacuumed Flasks were lower in the international markets , however the requisite documents substantiating the same, were not submitted by them, Moreover , no requisitioned documents were received from any other stakeholder.
Valuation Method given in section 25 of the Customs act, 1969 were followed, Transaction value method provided in Section 25 (1) was found inapplicable because the requisite information was not available as per law.
