KARACHI: The Directer General of Custom Valuation issue the custom value of AC synchronous alternators Valuation Ruling number 997/2016 determined under Section 25A of the Customs Act, 1969, Valuation Ruling No.674/2014, dated 25-04-2014. The Valuation Ruling required revision in line with the prevailing prices in the international market. Therefore, the Directorate General initiated an exercise for determination of customs values of AC synchronous alternators.
Stakeholders’ participation in determination of customs values meeting held on 04-08-2016. Importers had been requested to furnish the following documents before or during the course of meeting Invoices of imports during last three months showing factual value, Websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained. Copies of contracts made / LCs opened during the last three months showing the value of item in question. Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
No documents were submitted to Directorate General before the said scheduled meetings. The meeting was attended by the importers and the officers from field formations.
During the course of meeting, the importers were of the view that the values of AC synchronous alternators of China origin have considerably reduced in the international market as compared to the values determined in the existing valuation ruling, therefore, the values needs to be revisited accordingly.
They were requested to submit import invoices, sales tax invoices, literature, evidences and other relevant requisite import documents in support of their contentions. In spite of passing many weeks, they did not provide any documents or evidence to substantiate their contentions. During the meeting they also requested that market inquiry shall be conducted from Shahrah-e-Liaquat, Karachi. The request was acceded to. The importers agreed that work back values obtained from a market inquiry from the market where these AC Synchronous Alternators, are traded will actually reflect correct values. The prices varied depending on the KW.
