KARACHI: The Directorate General of Customs Valuation has revised the customs values of ice cream vide Valuation Ruling No 1167/2017 under Section 25-A of the Customs Act, 1969.
The customs values of ice cream were circulated vide VDB letter No. 234/2017 dated 03-03-2017. It was deemed expedient to issue a Valuation Ruling hence an exercise was conducted to determine customs values of ice cream in line with current price trends in the international market.
Meetings were scheduled on 16-05-2017 and 22-05-2017 with stakeholders and importers of subject goods. All stakeholders were requested to submit invoices of imports during last three months showing factual value. Copies of contracts made/LCs opened during the last three months showing the value of item in question.
Copies of sales tax invoices issued during last four months showing the differences in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
The importers / stakeholders contended that market surveys were earlier conducted from high end retail outlets and requested that different markets be consulted for the survey of subject goods.
They further insisted that subject goods were actually being purchased / imported at much lower values than those determined vide VDB No. 234/2016 dated 03.03.2017. The importers insisted that since the subject goods are mainly being sold at Super and General Store, therefore, a lot more expenses (breakage due to shifting from place to place, expiry, self-rent, marketing expenses, refrigeration cost) etc. are incurred thus increasing their retail price.
The view point of all stakeholders was considered before arriving at customs values of fee Cream. 5. Method adopted to determine Customs values: Valuation methods provided in Section 25 of the Customs Act, 1969 were duly followed and applied sequentially to address the valuation issue at hand.
