KARACHI: The Directorate General of Customs Valuation for the first time fixed the values of the wrist watches (low-end brands) from China to control evasion of duties and taxes at the import stage.
In this connection, the Federal Board of Revenue (FBR) Directorate has issued valuation rulings on Thursday.
The import values of wrist watches have been fixed within the range of $1.50 per piece to $6.6 per piece.
The said values are not applicable on known brands such as Casio, Citizen, Roamer, Alba, Seiko, Omax, Onyx, Westar, FavourLuba, Rolex, Rado, Calvin (CK) Tissot, Titan, Raymond Well, Swatch, Tag Heuer, Cartier, Baunce& Mercier, (B&M), Sonex, Longines, Forecer21, Prestige, etc.
According to the ruling, it was brought to the notice of the Directorate that the values of the wrist watches (low-end brands) from China are being declared to Customs at much lower values than their current international values in absence of Valuation Ruling in the field. Verification by this Directorate General reaffirmed this stance.
Keeping in view this prevailing price of the subject goods, an exercise for determination of the Customs values of wrist watches (low-end brands) in terms of under Section 25A of the Customs Act, 1969.
Finally, clearance data, raw material prices, international prices through internet were examined thoroughly and the information so gathered were utilized and analyzed for determination of Customs values of wrist watches (low-end brands), the directorate added.
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The directorate has also increased Customs values on the import of hand bags, shoulder bags, purses and clutches of artificial leather (low-end brands) from China. This Valuation Ruling is only for hand bags/shoulder bags /purses/clutches and wallets, made of artificial leather only (i.e. not genuine or composition leather). The clearance data, raw material prices, international prices through internet were examined thoroughly and the information so gathered were utilized and analyzed for determination of custom values of hand bags, shoulder bags, purses and clutches of artificial leather (low-end brands) under section 25(9) of the Customs Act, 1969.
As per a new valuation ruling, the directorate has enhanced Customs values on the import of playing cards (made of paper/plastic coating/plastic) from China, Taiwan, and USA.
