KARACHI: The Directorate General of Customs Valuation has revised the customs value of HRC/CRC through Valuation Ruling No 1213/2017 under Section 25-A of the Customs Act, 1969.
Since these values were determined more than a year ago, and the values of the subject goods were aligned with LMB prices of prime quality HRC/CRC/GP with admissible discount on basis of secondary quality.
However, some importers approached this Directorate General as well as the Honorable High Court for re-determination of customs values of HRC/CRC/GP (secondary quality) on basis of increase in discount from prime to secondary quality, reduction of freight element as provided in aforementioned Valuation Ruling and uniformity of valuation of non-listed countries from LMB.
M/s Stamco Steel Corporation filed Suit No. 143/2017 before the Sindh High Court whereby the court disposed of suit with direction to this Directorate that Plaintiff’s application under Section 25A which is pending before the Director, Valuation Customs shall be decided within 45 day and till such time the application is decided.
Keeping in view the exhaustive exercise for re-determination of customs values, this Directorate submitted extension application before the High Court which was duly allowed by the Court for further 40 working days .
Therefore an exercise was initiated for redetermination of Customs values of secondary quality HRC, CRC and GP according to trends prevailing in the international prices, in terms of Section 25-A of the Customs Act, 1969. 3. Stakeholders’ participation in determination of Customs values: Meetings with 4. stakeholders were held on 07.06.2017 and 28.08.2017.
The same were attended by manufacturers M/s International Steel Limited, M/s Siddiquesons Tin Plate Limited , importers/ representatives from M/s Stamco Steel Corporation , M/s MAC Steel Corporation , Pakistan Steel Imports Corporation , Karachi Iron and Steel Merchant Association, Crystal Enterprises , Awan Law Associates from M/s Arshad Ali and officers / officials from clearance Collectorates.
