KARACHI: Directorate General of Customs Valuation has re-determined values of white oil.
The directorate in this regard issued Valuation Ruling 1226/2017 and said that reference had been received from clearance collectorate for determination of customs values of white oil.
According to the valuation ruling, meeting with stakeholders including importers and representatives from field formations were held on November 09, 2017 to discuss the current international prices of the subject goods. Another meeting was held on November 20, 2017.
“The stakeholders informed that there are no problems in value for imports from India and other origins but shipments of white oil from United Arab Emirates (UAE) are grossly undervalued and emphasized that white oil is not produced in UAE and stated that the imports from UAE are either of Indian or other origin,” according to the valuation ruling.
The participants also informed that besides under invoicing some importers declared incorrect PCT Headings to evade the government revenue.
“The participants of the meeting stated that imports of white oil from UAE logically becomes costlier than direct shipment from that origin where white oil is manufactured,” it said and added that the stakeholders requested customs values of white oil should be determined and notified by keeping in view their respective quality / grades.
The importers had also requested that the customs values should be determined for imports in drum packing.
The directorate fixed following valuation:
Light white oil (Up to WOT 100): $0.85 per kilogram on import from India/China; $0.92 on import from South Korea; $0.95 on import from UAE; and $0.90 on import from other origins.
Medium White Oil (Above WOT 100 but less than WOT 400): $0.95/kg on import from India and China; $1.02/kg on import from South Korea; $1.05/kg on import from UAE; and $1/kg on import from other origins.
Heavy White Oil (WOT 400 and above): $1.08/kg on import from India/China; $1.15/kg on import from South Korea; $1.20/kg on import from UAE; and $1.13/kg on import from other origins.
The directorate further instructed that the customs values determined are for imports in drums packing. In case the goods are imported in ISO tanks/bulk vessels $100/metric ton may be deducted for assessment purpose from the prescribed customs values.
