KARACHI: The Directorate General of Customs Valuation has revised the customs value of fleece fabrics vide Valuation Ruling No 1326/2018 under Section 25-A of the Customs Act, 1969.
Earlier Customs values of fleece fabric were determined vide Valuation Ruling No.683/2014 dated 11.09.2014. Several representations from commercial importers including Karachi Textile Lining and Coated Fabrics Association were received wherein they requested to revise the existing valuation ruling in accordance with the prices in the international markets.
The existing valuation ruling is more than three and half year old therefore required to be revised in line with the prevailing prices in the international market. Keeping in view the prevailing prices in the international markets this Directorate General has initiated an exercise for determination of the Customs Values of the fleece fabric in terms of Section 25-A of the Customs Act, 1969.
Meetings with stakeholders including commercial importers and representatives of clearance Collectorates were scheduled on 14.02.2018, 24.05.2018, 02.7.2018 and 10.9.2018 to discuss the price trends of the subject good.
The importers / stakeholders had been requested to submit invoices of imports during last three months showing customs 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.
