KARACHI: The Directorate General of Customs Valuation revised the customs value LED Christmas/rice/festival decoration lights (Larri) through Valuation Ruling No: 1030/2017 under Section 25-A of the Customs Act, 1969.
According to details, the Directorate General has earlier circulated reference customs values of LED Christmas/rice/festival decoration lights, imported in different colors, vide Valuation Data Base letter No: 60/2016 dated October 20, 2016. References were received from different stakeholders, including M.C.0 (Appraisement) – east & west, Karachi, regarding downward revision of values notified through VDB No: 60.
Meanwhile upon suggestion of the clearance Collectorate the VDB letter was withdrawn. However, the Directorate General initiated an exercise for determination of customs values of LED Christmas/rice/festival decoration lights under Section 25-A.
Sources said that meetings with stakeholders were held on December 15, 2016, January 10, 2017 and January 31, 2016. The stakeholders were requested to furnish the 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.
Sources said that no stakeholder turned up for the meeting neither any requisite evidences/documents were received. Hence the Directorate General proceeded further for issuance of Valuation Ruling under the law.
The valuation methods given in Section 25 of the Customs Act, 1969 were followed to arrive at customs value of LED Christmas/rice/festival decoration lights.
