KARACHI: Directorate General of Customs Valuation Karachi has revised customs values on the import of “Skimmed Milk Powder and Instant Milk Powder” from New Zealand, Australia, Europe, Canada, USA, Turkey, and Iran.
In this regard, the directorate has issued a new valuation ruling no 1880 of 2024.
The new ruling has superseded the earlier ruling of 1638 of 2022.
The new ruling revealed that the customs values of Skimmed Milk Powder and Instant Milk Powder were determined vide Valuation Ruling No.1638/2022. The existing valuation ruuating was around two years old and the Customs values determined therein were not reflective of the prevailing international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.
The stakeholders submitted that prices have shown a downward trend in the international market since the issuance of the last Valuation Ruling. It was pointed out that mostly skimmed milk powder is imported in bulk and is used mainly in the preparation of confectionery items.
The ruling said that the important macroeconomic indicators – which can affect the value and import quantum of the subject goods – have been analyzed.
For instance, the exchange rate of Pakistan Rupees vis-a-vis the US Dollar was at Rs. 190.55 when the Valuation Ruling dated April 27, 2022, was issued. However, this exchange rate was at Rs. 278.10. Subsequently, a market inquiry has been conducted.
