KARACHI: The Directorate General of Customs Valuation has revised the customs value of rackets of different kinds through Valuation Ruling No 1068/2017 under Section 25A of the Customs Act, 1969.
According to details, the customs values of rackets of different kinds were determined vide Valuation Ruling No.884/2016, dated 25-07-2012. Some importers approached the Directorate General with the request to revise the Valuation Ruling in line with the prevailing prices in the international market. Hence the Directorate General initiated an exercise for determination of customs values of rackets of different kinds.
Sources said that a meeting with stakeholders was held on 02-03-2017. The stakeholders were 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 and 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.
However, the importers abstained from attending the scheduled meeting. No documents were submitted in the Directorate General on or before the said scheduled meeting.
Valuation methods given in Section25 of the Customs Act, 1969 were followed to arrive at customs value of rackets of different kinds. Thereafter, market enquiry as envisaged under Section 25(7) of the Customs Act, 1969, was conducted. As the stakeholders were not forthcoming with the values of the Rackets of Different Kinds as being traded in the international market, therefore, different markets surveyed repeatedly for the purpose.
Online prices were also obtained to corroborate the findings of the market surveys.
