KARACHI: The Directorate General of Customs Valuation has revised the customs value of Virtual Reality Glass (low end brands) through Valuation Ruling No 1097/2017 under Section 25-A of the Customs Act, 1969.
According to the details, Directorate General notified VDB values of Virtual Reality Glass /Box 2.0 vide VDB letter No. 176 dated 03-02-2017. Meanwhile, this Directorate General initiated an exercise for determination of customs values of Virtual Reality Glass (low end brands) of different brands.
Meeting with stakeholders was held on 01-03-2017. Importers had been requested to furnish 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 that the benefit of difference in price is passed on to the local buyers. No documents were submitted in this Directorate General on or before the said scheduled meeting.
Method adopted to determine Customs values: Valuation methods given in Section 25 of the Customs Act, 1969 were followed to arrive at customs values of Virtual Reality Glass (Low end brands). Transaction value method provided in Section 25 (1) was found inapplicable owing to wide variation in the values being declared to the customs. Identical / similar goods value methods provided in Section 25 (5) & (6) were examined for applicability to the valuation issue in the instant case which provided some reference values of the subject goods but the same could not be exclusively relied upon due to wide variation in declared values of subject goods.
Thereafter, market enquiry as envisaged under section 25(7) of the Customs Act, 1969, was conducted. For the purpose, different markets were surveyed repeatedly. The computed value method as provided in Section 25(8) of the Customs Act, 1969, could not be applied as the conversion costs from constituent material at the country of export were not available. Online values of subject goods were also obtained. All the information so gathered was evaluated and analyzed for the purpose of determination of customs values. Consequently, the Customs values of Virtual Reality Glass (Low end brands) have been determined under Section 25(9) of the Customs Act, 1969.
