KARACHI: The Directorate General of Customs Valuation revised the customs value of ground nut, cashew and pistachio through Valuation Ruling No: 1031/2017 under Section 25-A of the Customs Act, 1969.
According to details, the Directorate General earlier circulated reference values vide Valuation Data Base letter 109 dated December 1, 2016, Valuation Data Base letter 128 dated December 16, 2016, and Valuation Data Base letter 146 dated January 2, 2017.
However, Pakistan Kiryana Merchants Association approached the Directorate General and requested to issue valuation ruling for subject goods, pointing out various issues in uniform applicability etc. of the reference values circulated vide above mentioned VDBs. Therefore, the Directorate General initiated an exercise for determination of customs values of Ground Nut, Cashew Nut and Pistachio.
A meeting for the determination of customs values of ground nut, cashew nut and pistachio with stakeholders was held on January 3, 2017 which was duly attended by all the stakeholders.
All the stakeholders strongly contended and requested that the said Valuation Data Base may be reviewed in the light of prevailing international and local market prices. The view point of all participants was heard in detail and considered to arrive at fair value of subject goods.
The Pakistan Kiryana Merchants Association also submitted proposed C&F value of subject goods. It was also highlighted that the subject goods are perishable items and therefore have got limited shelf life, consequently, near the expiry dates, these perishable items are sold on sale and discounted prices. The importers contended that all these factors may also be considered in fixing value of subject goods. Prices are also verified on the basis of location of market in the city and date of expiry of the product in question
The valuation issued under the value method provided in Sub-Section (1) of Section 25 was found inapplicable because it is generally known to all that majority of invoices required under the law was not available to arrive at the correct transaction value.
