KARACI: The Directorate General of Customs Valuation in Karachi issued Valuation Ruling No. 1988/2025, superseding the previous ruling from 2018. The new regulation sets minimum benchmark values for iron and steel kitchenware to ensure fair taxation and accurate duty assessments.
The revision was prompted by a request from the Directorate of Customs, Post Clearance Audit (Central), Lahore, which identified classification discrepancies in the previous valuation.
The updated ruling now includes specific PCT codes for enameled and non-enameled iron and steel kitchenware, aligning with international classification standards.
A meeting was scheduled with industry stakeholders on January 29, 2024, to discuss the valuation adjustments.
However, no representatives attended, leading the Directorate to conduct independent market research.
Various valuation methods outlined in Section 25 of the Customs Act, 1969, were applied sequentially, but due to inconsistent pricing across different importers and sources, the final determination was made using the fallback method under Section 25(9).
According to the revised ruling, the customs values for different types of iron and steel kitchenware are as follows:
• Non-Enameled Cast Iron Kitchenware: USD 2.75 per kg
• Enameled Cast Iron Kitchenware: USD 2.90 per kg
• Non-Magnetic Stainless Steel Kitchenware: USD 4.50 per kg
• Magnetic Iron & Steel Kitchenware: USD 3.12 per kg
The customs authorities emphasized that these values serve as the minimum benchmark for duty and tax assessment. If an importer declares a higher invoice value, that higher amount will be used for duty calculations. Additionally, consignments arriving by air will have their freight charges adjusted to align with sea freight valuations.
Pakistan’s customs authorities have instructed all Collectorates to implement the new valuation immediately and report any discrepancies. The updated ruling ensures transparency and accuracy in the assessment of iron and steel imports, benefiting both the government and importers.
As Pakistan strengthens its trade policies, such measures enhance regulatory oversight while ensuring that the iron and steel industry remains competitive in the evolving global market.
