KARACHI: Directorate General of Customs Valuation Karachi has announced new customs value on import of textille lining material from China. The new Valuation Ruling has superseded the previous one fixing the customs value of the material from China at $3 per kg. It was earlier determined vide Valuation Ruling No 483/2012, dated 25-10-2012.
Earlier, various representations were received, including representations made by KCCI regarding revision of customs value of the said goods to reflect the current price trend of these goods in the international market.
Transaction value method provided in Sub-Section (1) of Section 25 was found inapplicable because requisite information as per law was not available. Identical/similar goods value methods provided in Sub-Sections (5) & (6) of Section 25 of the Act ibid were examined for applicability to the valuation issue in the instant case. These methods furnished unreliable values and were not found applicable. Deductive Value Method under Sub-Section (7) of Section 25 was, therefore, adopted to determine customs values for Textile Lining Material in this case read with Sub-Section (9) ibid. Meetings were held with the stakeholders and attended by representatives of FPCC&I and KCC&I who provided feedback regarding the valuation of subject goods.
In cases where declared/transaction values are higher than the Customs value determined in the Ruling, the assessing officers shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs value determined in the ruling.
The value determined vide this Ruling shall be the applicable Customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of Sub-Section (1) or (3) of Section 25-A of the Customs Act, 1969.
