KARACHI: The Directorate General of Customs Valuation revised the customs value of lubrication oil through Valuation Ruling No 1140/2017 under Section 25A of the Customs Act, 1969.
According to details, the Customs values of different types of lubrication oil were determined and notified vide Valuation Ruling No.657/2014, dated 28th March 2014. The Customs values mentioned in the said Valuation Ruling were more than three years old. Moreover, several importers had requested for re-determination of customs value of subject goods, therefore, an exercise was initiated to determine afresh the Customs Values of various types /categories of lubricating oil keeping in view the prevailing price trends of international market. Furthermore, Collector, MCC Quetta vide letter C.No.270-Cus/Valuation/DP/NLC/98-2014/18620 dated 17-01¬2017 has requested for clarity with regards to valuation of Iranian origin motor oil imported via land route from Iran through MCC Quetta.
A meeting for determination of customs values of Stakeholders’ Participation in Determination of Customs Values: was held on 06-04-2017 which was duly attended by stakeholders, and representatives of importers of subject goods. No representation was made on behalf of MCC Quetta despite being invited for the aforementioned meeting and on 18-04¬2017, for consideration of their valuable input.
Valuation methods provided in Section 25 of the Customs Act, 1969 were duly followed and applied sequentially to address the valuation issue at hand. Transaction value method provided in Sub-Section (1) of Section 25 was found inapplicable because the requisite information was not available as per law. Identical / similar goods value method provided in Sub-Sections (5) & (6) of Section 25 ibid were examined for applicability to determine Customs value of subject goods.
