KARACHI: The Customs Valuation has made a number of amendments to the Valuation Ruling No.661/2014 after a thorough examination and threadbare discussion with stakeholders.
According to a letter No Misc/22/2009-VIIIA/7445 dated August 29, issued by Customs Director (Valuation) Abdul Rashid Sheikh, the Customs values of various replacement auto-parts were determined vide Valuation Ruling No.661/2014 dated March 3, 2014 and amendments dated April 4, 2014. The aggrieved stakeholders filed revision petition with the Customs Valuation Director General under Section 25D of the Customs Act, 1969.
The DG vide Revision Order No.54/2014 dated June 16, 2014 was pleased to order fresh determination of customs values as enumerated in the said order. Accordingly, after examination and holding meetings with stakeholders, the following amendments are made in regard to Valuation Ruling No.661/2014.
The amendments include fresh determination of Customs values of water pump, oil pump, fuel pump, spark plug, automobile bulbs, oil filter, fuel filter, air filter, piston set, set; brake disc pads, brake disc rotors, brake drums and brake shoe; other brake parts; tie rod ends, ball joints, rack end, suspension arms; shock absorber; other steering and suspension parts; fender, bonnet/head, front grille, bumper, trunk lid (dikky), doors; other body parts; bushing, weather strips, rubber oil seals, other rubber parts.
The fresh Customs values (C&F) in US $ differs for same replacement auto-part depending on its origin of import and other specification, such as weight in the case of water pump, oil pump fuel pump, oil filter, fuel filter, air filter; Iridium or non-Iridium/carbon tipped spark plug.
The Customs values is applicable per piece or for water pump, oil pump, fuel pump, spark plug, automotive bulbs, oil filter, fuel filter, air filter. It is based on per kilogram basis for the remaining auto parts including piston set, set; brake disc pads, brake disc rotors, brake drums and brake shoe; other brake parts; tie rod ends, ball joints, rack end, suspension arms; shock absorber; other steering and suspension parts; fender, bonnet/head, front grille, bumper, trunk lid (dikky), doors; other body parts; bushing, weather strips, rubber oil seals, other rubber parts.
FBR to launch faceless tax audit system
ISLAMABAD: The Federal Board of Revenue (FBR) is set to introduce a faceless audit and assessment system across all four...
