KARACHI: Customs Valuation Director Wasif Ali Memon has revised the customs value of ring travelers through Valuation Ruling No 959/2016 under Section 25-A of the Customs Act, 1969.
Earlier, the customs values of ring travelers determined and notified vide Valuation Ruling No.400/2011, dated November 25, 2011. The valuation ruling required revision in line with the prevailing prices in the international market. Therefore, this directorate general initiated an exercise for determination of customs values of the said items.
Different meetings with stakeholders were held and a final meeting was held on July 21, 2016. Importers had been requested to furnish the documents, including 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 and copies of sales tax invoices issued during 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 before or during the course of meeting:
Certain importers submitted documents in support of their contentions claiming that their invoices and declarations were lower than the values determined in the ruling. Some importers pleaded that the ring travelers may be determined on lower side as the goods are being used in textile industry to promote exports.
It may be mentioned here that ring travelers are used in textile mills around the world to process yarn. These products have a direct effect on the quality of yarn produced as their action physically turns the raw material into finished product.
The importers wanted time to produce documents in support of their contentions, but they have not submitted the requisite documents except some import invoices. Resultantly numerous surveys were conducted for determination of the customs values.
The customs values of ring travellers of Switzerland origin are fixed at $120 per kilogramme, France origin at $100/kg, Japan origin at $80/kg, Germany origin at $80/kg, Indian origin $60/kg, China origin at $55kg and other origin at $70/kg.
