KARACHI: The Directorate General of Customs Valuation revised the customs values of galvanized/ un-galvanized iron & steel wire rope Valuation Ruling No: 1310/2018 under Section 25-A of the Customs Act-1969.
The customs values of galvanized/non-galvanized iron & steel wire rope were determined vide Valuation Ruling No. 857/2016 dated 23-05-2016. As the ruling was very old and values in the international market has changed. Therefore an exercise was initiated to determine the customs values of afore-mentioned goods under Section 25-A of the Customs Act, 1969.
Meeting with Stakeholders were scheduled-to get their input on the issue. Certain importers attended the meetings and asserted that values in the international market reduced and ruling may be accordingly re-issued. However, documents in support of their contentions were not submitted.
Another meeting was scheduled on July 3, 2018 and stakeholders were requested to attend the meeting and submit 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 their contentions.
Method adopted to determine Customs values: Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand.
