KARACHI: The Directorate General of Customs Valuation revised the customs value of galvanized iron and steel ceiling suspension system/ tee-grid through Valuation Ruling No 1120/2017 under Section 25-A of the Customs Act, 1969.
According to details, a representation was received from local manufacturer M/s Quice Food Industries that galvanized iron and steel ceiling suspension system/ tee-grid are being assessed at under invoiced values and custom values may be determined in the light of international prevailing practices. Therefore the Directorate General initiated an exercise for determination of customs values of galvanized iron and steel ceiling suspension system/ tee-grid.
Sources said that a meeting with all stakeholders was held on 06-04-2017. The meeting was attended by local manufacturer and importers. The manufacturer agitated that the subject goods are being cleared by the customs Collectorate at US $ 0.70 per kilogram but same has been found on lowest side due to high price of raw material galvanized sheet.
On the other hand importers argued that their price may be rationalized according to market prices and not to be compared with local manufacturers whose products are of better quality. All the participants were requested to submit 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.
