KARACHI: The Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Rulings No: 703/2014 and 705/2014 on August 24, 2017, it is learnt.
Sources told Customs Today that an application was submitted by the importers to Customs Valuation in which change in prices of formic acid was requested.
Sources said that Valuation Ruling No. 703/2014 Formic Acid H.S Code 2915.1100 issued on 19th of December 2014. A meeting was held with the stakeholders on 2 August, 2017. Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.
Valuation Ruling No: 705/2014 Toyota Hillux Vigo of Thailand Origin was issued on 14th of January 2014. A meeting was held with stakeholders on 2ND August 2017. Importers were told to furnish the import invoices of the last three months showing factual values as well. The copies of contracts were made/LCs opened during the last three months showing the value of item in question and copies of sales tax invoices issued during the 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.
During a meeting, the importers were of the view that everyday technologies are being upgraded in electronics and its new versions are arriving in the market. Sources said that conform to the revised Valuation Ruling No: 703 and 705 on 24 August.
