KARACHI: The Directorate General of Customs Valuation issued the reference values for low end brands wrist watches.
According to details, the Directorate General is populating Valuation Database Values for different items wherein it has been observed that declarations are of wide range and do not correctly reflect values of the items as traded in the international market.
During the scrutiny of previous clearance data, it was observed that low end brands wrist watches falling under PCT heading 9102.1900 and 9102.2900, are being assessed at different values and certain transactions are on very low side.
Sources said that the Directorate General, after carefully examining the clearance data, also conducted market inquiries to verify the authenticity of declarations. Online prices were also obtained to corroborate the findings of the market surveys.
The Directorate General found that the VDB values of low end brands wrist watches are metal body with artificial leather strap China origin US$4.50 per piece, metal body with metal chain China origin US$8 per piece, metal body with plastic chain China origin US$3 per piece, plastic body/chain China origin US$1.50 per piece.
Above values are not applicable on known brands like Casio, Citizen, Roamer, Alba, Seiko, Omax, Onyx, Westar, Favour Luba, Rolex, Rado, Calvin Klein (C.K), Tissot, Titan Raymond Weil, Swatch, TahHeur, Cartier, Baunce & Mercier (B&M), Sonex, Longines, Forever2l, Prestige, etc.
Valuation Database values must serve as a risk assessment tool which may be used along with other risk tools to assess potential risk regarding the truth or accuracy of the declared Customs value for imported goods. The database values can also be used as a means of performing cross-checks in order to target those importations which are likely to contain a potential risk and, from that starting point, select the import declarations for further examination and assessment.
