KARACHI: The Directorate General of Customs Valuation revised the customs value of home theaters through Valuation Ruling No 1095/2017 under Section 25A of the Customs Act, 1969.
According to details, the Customs values of home theaters were determined under Section 25A of the Customs Act, 1969, vide Valuation Ruling No.696/2016, dated 16-11¬2016. Customs Values of two models of home theatres were notified vide VDB No. 149/2017 dated 6.01.2017. The importers agitated values mentioned in VDB letter vociferously. As the Valuation Ruling required revision in line with the prevailing prices in the international market. The Directorate General initiated an exercise for determination of customs values of home theaters, under Section 25A of the Customs Act 1969.
Sources said that a meeting with stakeholders was held on 28-02-2017. Importers 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, no documents were submitted in the Directorate General on or before the said scheduled meeting. During the course of the meeting, the stakeholders claimed that the values of home theaters of China origin have actually reduced in the international market as compared to the values determined in the existing Valuation Ruling, therefore, the values needed downward revision. They were requested to submit import invoices, sales tax invoices, literature, evidences and other relevant requisite import documents in support of their contentions.
Some importers submitted documents in support of their claims. Meanwhile numerous surveys were conducted.
