The Federal Board of Revenue (FBR) has revised the customs/export value of seasonal fruit including Kino from the period of December 1, 2024, to May 15, 2025.
The values have been amended at a time when there is a huge blockage of refunds for exporters of seasonal fruits. During the current winter season, the exporters of Kino, etc would be bound to pay taxes on new export values in US dollars.
Directorate General of Customs Valuation Karachi issued a new valuation ruling (4 of 2024) on Thursday.
The Export (freight on board) FOB Value of Mandarins (including tangerines and satsumas) and Kino are fixed at US$ 410 per metric ton (MT). In the case of exports to Afghanistan, the export value has been fixed at US$ 310 per metric ton.
The ruling revealed that the customs export value for Kino would be applied as the Minimum Export Price.
In the exercise of powers conferred under Section 25A read with Section 25 (15) of the Customs Act 1969, the Customs/Export value of Kino has been determined for the period December 1, 2024, to May 15, 2025.
Background of the valuation issue revealed that the Federal Board of Revenue ( FBR) vide letter read with the Ministry of Commerce letter directed the Directorate of Valuation, Lahore to determine the export value of some commodities.
Consequently, an exercise was initiated by the Directorate of Customs Valuation Lahore to determine the said value in terms of Section 25A read with Section 25 (15) of the Customs Act, 1969.
Four meetings were convened for the participation of major stakeholders including, representatives from the Trade Development Authority (TDAP), Federation of Pakistan Chambers of Commerce & Industry, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA), and Exporters of Kino.
