KARACHI: The Directorate General of Customs Valuation has revised the customs values of dry coconut through Valuation Ruling No: 1033/2017 under Section 25-A of the Customs Act, 1969.
According to details, customs values of different types of dry coconut /copra were determined and notified vide Valuation Ruling No: 497/2012 on November 28, 2012. Customs values mentioned in the said Valuation Ruling were more than four years old and higher valuation trends were observed.
Therefore, an exercise was initiated to revise the Customs Values of various types of dry coconut/copra keeping in view the prevailing international and local market price trends.
According to sources, a meeting for determination of customs values of dry coconut/copra with stakeholders was held on January 3, 2017 which was duly attended by all the stakeholders.
The current international prices of the subject goods were discussed with the stakeholders and they then requested that the said Valuation Ruling may be reviewed in the light of prevailing international and local market prices. The Pakistan Karyana Merchants Association also submitted proposed C&F value of subject goods.
Further, to determine the veracity of their stance, the stakeholders insisted that fresh market surveys be conducted from wholesales market for determination of customs values of dry coconut/copra. It was also highlighted for consideration that the subject goods are perishable items and therefore have got limited shelf life, consequently, near the expiry dates, these perishable items are sold on sale and discounted prices.
The importers contended that all these factors may also be considered in fixing value of subject goods. Prices are also verified on the basis of location of market in the city and date of expiry of the product in question.
