KARACHI: The Directorate General of Customs Valuation has revised the customs value of Frequency Inverters Valuation Ruling No 973/2016 under Section 25-A of the Customs Act, 1969.
In exercise of the powers conferred under Section 25-A of the Customs Act, 1969, Customs values of Frequency Inverters are determined as Background of the valuation issued Customs values of Frequency Inverters were determined under Section 25A of the Customs Act, 1969, vide Valuation Ruling No.751/2015, dated June 22, 2015. 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 Frequency Inverters.
Stakeholders’ participated in determination of Customs values. Meetings with stakeholders were held on August 16, 2016 and November 01, 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, B.Websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained. In two other documents included Copies of Contracts made / LCs opened during the last three months showing the value of item in question and D.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.
The meeting was attended by the importers and the officers from field formations. Import invoices, sales tax invoices, literature, representative samples, evidences and other relevant requisite import documents were not submitted in this Directorate General on or even after the said scheduled meetings in support of the contentions of the importers.
