KARACHI: The Directorate General of Customs Valuation has revised the customs value of aluminum utensils (PCT 7615.1000) through Valuation Ruling No 1060/2017 under Section 25A of the Customs Act, 1969.
According to details, a representation was received from the Gujranwala Chamber of Commerce and Industry that aluminum utensils are being assessed at lower values compared to the component costs and international trading prices.
The Directorate General initiated an exercise to examine the issue under Section 25Aof the Customs Act, 1969 and determine the customs values of aluminum utensils in order to bring them in line with current price trend in the international market.
Meetings with stakeholders and Gujranwala Chamber of Commerce and Industry were scheduled on 09-02¬2017 & 14-02-2017 but only representative from Gujranwala Chamber of Commerce and Industry attended the meetings. None of the importers attended the meetings All the stakeholders were requested to submit the following documents so that correct customs values could be determined 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.
The requisite documents were not submitted by any importer to substantiate their declarations therefore the matter could not be further pended. Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand.
Transaction Value Method under sub-section (1) of Section 25 of the Act ibid was found inapplicable because required information under the law was not available.
