KARACHI: The Directorate General of Customs Valuation revised the customs value of key chain and their parts for low end/unpopular brands through Valuation Ruling No 1109/2017 under Section 25A of the Customs Act, 1969.
Earlier the Directorate General conducted an audit of clearance values of subject goods and found the same to be on lower side in comparison with the international trading prices and the local selling prices. As an immediate remedial measure, the Directorate General circulated customs values of key chain and parts thereof made of stainless steel/iron and steel Chinese origin as one of the risk assessment measures vide Valuation Database letter No.120 dated 06-12-2016.
Subsequently, a number of representations were received in the Directorate pointing out various issues pertaining to value of the subject goods. The Directorate General initiated an exercise for determination of customs values of Chinese origin key chain and parts thereof made of iron and steel under section 25A of the Customs Act, 1969.
Two meetings with all stakeholders were scheduled on 16-02-2017 & 08-03-2017. Only two importers participated through their representatives and argued that their imports also contain parts of key chains like the rings and separate chain, since these are of low market value therefore the values for same may be adjusted accordingly. All the stakeholders 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.
