KARACHI: The Directorate General of Customs Valuation has revised the customs value of crinkled paper through Valuation Ruling No 1081/2017 under Section 25A of the Customs Act, 1969.
The Customs values of crinkled paper were circulated vide VDB letter No.7 on June 10, 2016. It was deemed expedient to issue a Valuation Ruling, hence, an exercise was conducted to determine Customs values of crinkled paper in line with current price trends in the international market.
The stakeholders’ meetings were scheduled for February 28 and March 7, 2017 to request the participants to submit import invoices of the last three months showing factual values, as well as the websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual value could be ascertained and copies of the contracts and LCs.
They were also asked to submit copies of sales tax invoices issued during the last three months, showing the difference in price (excluding duty and taxes) to substantiate that the benefits of difference in prices passed on to the local buyers.
Neither anyone appeared on the scheduled meeting nor any document was received from any stakeholder which shows that the importers were not interested in the proceedings and values are considerably higher than their declarations and by keeping themselves absent, they may have created and alibi being unheard.
