KARACHI: Directorate-General Customs Valuation Director Tahir Ali Qureshi issued has announced the import values for soybean seeds.
Valuation Ruling No. 1910/2024 has set the value of non-GMO soybean seeds at $0.625 per kilogram. This decision follows an import of soybean seeds worth Rs140 billion last year, generating Rs37 billion in revenue for Customs. Previously, soybean seeds were assessed at import stages at rates ranging from $0.50 to $0.62 per kilogram.
The Directorate General of Customs Valuation Karachi received a letter from the Board, which included representations from the All Pakistan Solvent Extractor’s Association regarding the under-invoicing of non-GMO soybean seeds. In response, the Directorate conducted an analysis of import data, current market trends, and the difference between market prices and customs values, leading to this new valuation ruling.
This ruling aims to standardize the valuation of soybean seeds and ensure accurate revenue collection for the government. It is expected to enhance the transparency and efficiency of the import valuation process, addressing concerns of under-invoicing and ensuring fair trade practices.
