KARACHI: The Directorate General of Customs Valuation revised the customs value of waist belts (artificial leather low-end brands) through Valuation Ruling No 1110/2017 under Section 25A of the Customs Act, 1969.
The Customs values of waist belts (artificial leather low-end brands) were circulated vide VDB letter No.148 dated 23.02.2016. It was deemed expedient to issue a Valuation Ruling; hence, an exercise was conducted to determine the Customs values of waist belts (artificial leather low-end brands) in line with current price trends in the international market.
Meeting with stakeholders were scheduled on 02.03-2017 & 14-03-2017. 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 meeting was attended by importers of waist belts (artificial leather) on 14-03-2017. The importers contended that the prices of the subject commodity were lower in the international market as compared to the values circulated vide VDB letter No.148 dated 05.01.2017. However, the requisitioned documents were not submitted by any of the importers.
