KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected a revision petition filed by M/s Kasheef Corporation and M/s Japan Belt House and upheld the values of industrial rubber V-belts determined vide Valuation Ruling No.923/2016.
According to the details, the importers stated that they were not invited during the processing and meetings of valuation ruling and increased the customs values illogically instead of decreasing. The petitioner suggested that for determination of its value at $1.30/kg is more appropriate. The importer offered that they are ready to supply at $1.30/kg + 10 percent profit for next one year. They stated that different grades / quantities are being imported, how can highest the lowest quality be equated.
The importer provided sales tax paid invoices which work out at $1.65/kilogram clearance and forwarding and they are selling at Rs295/kilogram to another importer gave its local sales tax invoice showing Rs306/kilogram which was worked out at $1.7/kilogram after excluding duty / taxes.
Department submitted that market survey was conducted from whole sale/retail market and obtained one piece at Rs 65/piece (weighing 140 grams) and Rs 50/piece (weighing 105 grams).
