KARACHI: The Directorate General of Customs Valuation has revised the customs values of low end brands of iron and steel drawer locks, door-closers, hinges and drawer sliders through Valuation Ruling No 1145/2017 under Section 25-A of the Customs Act, 1969.
According to details customs values of the subjected items were determined vide Valuation Ruling No. 573/2013 dated 09-01-2013. An exercise to re-determine the Customs value of the said goods under Section 25-A of the Customs Act, 1969 was initiated to reflect their current international price trend.
Two meetings were held on 19-04-2017 & 02-05-2017 with stakeholders. All the stakeholders were requested to submit invoices of imports during last three months showing factual values. Details were also sought about websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current values could be ascertained.
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 difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue hand. Transaction Value Method under sub-section (1) of Section 25 of the Act ibid was found inapplicable because required information under the law was not available. Identical and Similar Goods valuation methods provided in sub-sections (5) and (6) of Section 25 of the Customs Act, 1969 provided some reference values but due to wide variations in the declarations the same could not be relied upon exclusively.
