KARACHI: Directorate General of Customs Valuation has revised the customs value of chandeliers, pendants and other flanging lights, and parts vide Valuation Ruling number 982/2016 determined under Section 25A of the Customs Act, 1969.
According to details Customs values of chandeliers, pendants and other hanging lights of all types and parts were earlier determined through Valuation Ruling No.879/2016, dated 27-06-2016.
Meanwhile, a number of representations were received from different importers and the representative association of the importers with the request that the valuation ruling needed downward revision as it was over 90 days old and not truly reflective of prevailing prices in the international market. They have requested that the valuation ruling may be revised in the light of prevailing prices in the international market.
Main thrust of their arguments was that the market from which the survey was conducted were not reflection of current prices, rather they are relatively expensive markets where profit of margins and expenses of the retailer were exorbitant. They requested that the surveys should be conduct from the M.A. Jinnah Road (Light House/Denso Hall) and Bohra Peer. Therefore, this Directorate General initiated an exercise for determination of customs values of chandeliers, pendants and other hanging lights, and parts thereof.
Meeting with stakeholders was held on 17-11-2016. Different stakeholders including importers Pakistan Electrical and Electronics Merchants Association, Karachi and representatives from clearance Collectorate attended the meeting. They were requested to furnish the following documents before or during the stakeholders meeting.
