KARACHI: The Directorate General of Customs Valuation revised the customs value of wrist watches (low-brands) vide Valuation Ruling No 1315/2018 under Section 25-A of the Customs Act, 1969.
According to the details, it was brought to the notice of this Directorate General that values of wrist watches (low-end brands) are being declared to Customs at much lower values than their current international values. Verifications by this Directorate General reaffirmed this stance. Keeping in view the prevailing prices of the subject items, this Directorate General initiated an exercise for determination of the Customs values of Wrist Watches (low-end brands) in terms of Section 25-A of the Customs Act, 1969.
Numerous meetings culminating on 17-07-2018 were held with stakeholders including importers and representatives from field formations to discuss the current international prices of the subject goods. 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 four months showing the difference in price (excluding duty and taxes) to substantiate their contentions.
In spite of lapse of considerable time, no documents or evidences, as requisitioned, were submitted. Importers abstained from participating in the proceedings. Discussions were held with representatives of the clearance Collectorates.
Method adopted to determine Customs Values: Valuation methods provided in ‘ Section 25 of the Customs Act, 1969 were duly applied in their sequential order to arrive at customs values of subject goods.
