KARACHI: The Directorate General of Customs Valuation has revised the customs value of umbrellas through Valuation Ruling No 1059/2017 under Section 25A of the Customs Act, 1969.
The customs values of umbrellas were circulated vide VDI3 letter No.08 issued on June 28, 2016. It was deemed expedient to issue a valuation ruling hence an exercise was conducted to determine the customs values of umbrella in line with current price trends in the international market.
You might also like
Stakeholders’ meetings were scheduled on 31.01.2017, 06-02-2017 and 28-02-2017. The stakeholders were requested to submit 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 three 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.
Some importers appeared for meeting on 28-02-2017 and contended that values of umbrellas are lower in the international market than those circulated vide VIM letter No.08 dated 28.06.2016.
They brought along samples of Umbrellas. However, no requisitioned documents were submitted by any of the importers.
Transaction value method provided in Section 25 (1) was found inapplicable because the requisite information was not available as per law. Identical / similar goods value methods provided in Section 25(5) & (6) were also not found helpful in determination of values due to wide variation in values. Consequently, market enquiries as envisaged under Section 25(7) of the Customs Act, 1969, were conducted. Online values were also checked. Customs values of Umbrellas were determined under Section 25(7) of the Customs Act, 1969.
