KARACHI: The Directorate General of Customs Valuation revised the customs value of knob & handle door lock, door handle thumbs action lock (Entrance lock), night latch and rim lock (Low end/unpopular brands) through Valuation Ruling No 1075/2017 under Section 25A of the Customs Act, 1969.
According to details, in exercise of the powers conferred under Section 25-A of the Customs Act, 1969, customs values of knob & handle door lock, door handle thumbs action lock (Entrance lock), night latch and rim lock of low end/unpopular brands are determined as knob & handle door lock, door handle thumbs action lock (Entrance lock), night latch and rim lock of low end/unpopular brands were determined under section 25A of the Customs Act, 1969, vide Valuation Ruling No.697/2014 dated 02-10-2014.
Since over 3 years had passed therefore, with a view to reflect the current prices prevailing in the international market of these items, this Directorate General conducted an exercise to determine the customs values of the subject goods under section 25 of the Customs Act, 1969.
Sources said that a meeting with stakeholders was scheduled on 02-02-2017. Only one importer appeared and said he is authorized to represent a large number of importers from upcountry also. 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.
However, none of the importers submitted any of the above documents.
