KARACHI: The Directorate General of Customs Valuation revised the customs value of plywood/film faced plywood through Valuation Ruling No 1121/2017 under Section 25A of the Customs Act, 1969.
According to details, it was noticed that plywood/film faced plywood is being importing regularly involving a high quantum of duty & taxes. It was deemed expedient to initiate an exercise to ascertain whether the declarations were in line with prices prevalent in the international market. Some variation were seen in the declarations, hence it was decided to issue a Valuation Ruling keeping in view international trends.
Stakeholders’ meetings were scheduled on 24-03-2017 & 05-04-2017. All participants 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 three 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.
The meetings were attended by importers of plywood/film faced plywood and members of Karachi timber merchants group and their proposals were considered for determination of customs value of plywood/film faced plywood.
The values were discussed with them and were unanimously agreed to. Valuation methods given in Section 25 the Customs Act, 1969 were followed. Transaction value method provided in Section 25 (1) as found inapplicable because the requisite information was not available as per law. Identical and similar goods value methods provided in Section 25(5) & (6) were examined which provided some reference Values but were not found helpful in determination of values due to some Variation in Values.
