KARACHI: The Directorate General of Customs Valuation has revised the customs value of steel concrete spiral / angular nails (PCT 7317.0010) vide Valuation Ruling No 984/2016 under Section 25-A of the Customs Act, 1969.
The directorate general circulated custom value of steel concrete spiral / angular nails for reference purpose vide Valuation Database letter No.21 dated: 29.07.2016. However a number of representations were received in this directorate pointing out various issues pertaining to the value of the subject goods and the correct description. They also sought reduction of assessable value vide a valuation ruling so that uniform application of values could be accomplished without any discrepancies. Therefore this Directorate General initiated an exercise for determination of custom values of steel concrete spiral /angular nails.
A meeting with stakeholders for the determination of customs values of steel concrete spiral /angular nails was scheduled on November 22, 2016. The meeting was attended by Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Khurshid, international traders and KCCI. The stakeholders were requested to submit the documents, including 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 and copies of contracts made / LCs opened during the last three months showing the value of item in question.
The importers during the meeting were of the view that prices of LME of wire rod and nail wire has decreased therefore values may be re- determined in the light of prevailing international prices. However, they did not provide the corroboratory evidence in the support of their contention.
The customs values of steel concrete spiral/ angular nails of China origin has been fixed at $1.20 per kilogram of China origin and Taiwan origin fixed at $1.35/kg.
