KARACHI: The Directorate General of Customs Valuation has revised the customs value of non alloy steel strips through Valuation Ruling No 1117/2017 under Section 25-A of the Customs Act, 1969.
Earlier Directorate General had conducted an audit of clearance values of subject goods and found the same to be on lower side in comparison with the international trading prices and the local selling prices.
As an immediate remedial measure, this Directorate General circulated customs value of Non Alloy Steel Strips as one of the risk assessment measures vide Valuation Database letter No. 11 dated 29.06.2016. For application of uniformity, this Directorate General initiated an exercise for determination of customs values of non alloy steel strips.
All the participants were requested to submit the invoices of imports during last three months showing factual value.
Websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can 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.
M/s Abid Industries requested that values circulated vide VDB No.11 are rational and correct as the steel strips under PCT heading 7211.2990 and 7211.9090 are being imported at under-invoiced values by commercial importers. They also submitted import documents accordingly.
M/s Al-Hadar contended that they import steel strips from Taiwan of different specifications and carbon contents etc. falls under HS Code 7211.2390 for manufacturing of motorcycles ‘rims’ only therefore these strips are of low value as compared to steel strips with high carbon content and there is no commercial competitor of these strips, hence the value of these strips were not regulated in VDB and so not to be considered in valuation ruling. No other stakeholder submitted the requisite documents for the determination of customs values of Non Alloy Steel Strips. Hence, the matter could not be pended for unlimited period.
