KARACHI: The Directorate General of Customs Valuation has revised the customs value of olives, falls under HS Code 2005.7000 through Valuation Ruling No 956/2016 under Section 25-A of the Customs Act, 1969.
Earlier, customs values of olives were determined more than four year ago through Valuation Ruling No.562/2013 dated July 09, 2013. A redetermination of customs values of these goods was deemed necessary to reflect the prevailing international price trend of these goods in the local markets. This prompted an exercise to revise the customs values.
Meetings were held on September 27, 2016 with the stakeholders of subject goods and representatives of clearance collectorate who participated in the meetings. All the stakeholders strongly contended and requested that the said valuation ruling may be reviewed in the light of prevailing international and local market prices.
It was also highlighted 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. It was further contended by the traders that since the subject goods are mainly being sold on super and general stores; therefore, a lot more expenses (shelf rent, marketing expenses etc.) are contributed at retail level which cannot be managed without adding extra value to the subject goods.
Now, the department has issued notification revising the customs values of olives. Olives hereinafter shall be assessed to duty/ taxes at the following customs values:-
