KARACHI: The Directorate General of Customs Valuation has revised the customs value of knob & handle door lock, door handle thumb action lock (entrance lock), night latch/rim lock & electric rim lock of low end and unpopular brands vide Valuation Ruling No 1206/2017 under Section 25A of the Customs Act, 1969.
According to the details, the customs values of knob & handle door lock, door handle thumbs action lock (entrance lock) and night latch/rim lock and electric rim lock of low end and unpopular brands were determined under section 25A of the Customs Act, 1969; vide Valuation Ruling No.1075/2017 dated 9-3-2017.
The said valuation ruling was set aside by appellate tribunal and the department has filed reference before the Sindh High Court against the decision of Customs Appellate Tribunal. However, some importers requested for issuance of fresh valuation ruling as become expired after 90 days as per earlier orders of Sindh High Court. With a view to reflect the current prices prevailing in the international market of these items , an exercise was initiated to determine the customs values of the subject goods afresh under Section 25A of the Customs Act, 1969.
During the meeting, the stakeholders were of the opinion that values as determined in the earlier valuation ruling are very high and do not commensurate with trading prices. They further contended that prices of locks have reduced due to advancement in technology and cost cutting done by Chinese manufacturers in raw material etc. All the stakeholders were requested to submit invoices of imports during last three months showing factual value.
