KARACHI: Directorate General of Customs Valuation, Karachi has revised customs values on the import of Cashew Nuts/Kaju from Vietnam.
The directorate issued a new valuation ruling (1836 of 2023) on Friday for an accurate assessment of duties and taxes on the import of Cashew Nuts.
Earlier, the Customs values of Cashew Nuts were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1766/2023. There were several representations from importers wherein they stated that the Customs values determined in the existing valuation ruling are not reflective of the prevailing international market. They requested to determine the Customs values afresh per the trend of values in the international market.
Therefore, an exercise has been undertaken by this Directorate to determine the same. Stakeholders’ participation in the determination of Customs values. The meeting was convened on 31 October 2023 and was attended by relevant stakeholders.
The issues about the valuation of subject goods were deliberated upon in detail in the afore-referred meeting. Analysis/Exercise done to determine Customs Values: Ninety (90) days’ clearance data has been retrieved and the same has been scrutinized. Moreover, import data of Cashew Nuts for the past three financial years was compared with data on Afghan Transit Trade for the same period.
After analysis, it has transpired that the total import value of Cashew Nuts imported into Pakistan decreased from Rs. 840 million to Rs. 110 million during FY 2020-21 to 2022-23 whereas, for Afghanistan, the total import value under Transit trade substantively increased from Rs. 280 million to Rs. 2,980 million during the same period.
