KARACHI: The Federal Board of Revenue (FBR) has determined the new customs value of used and imported Samsung Galaxy S20 series mobile phones in line with the prevailing market conditions.
The top tax authority has issued the fresh Valuation Ruling 2035, featuring revised customs value of 62 used and imported phones, including S20+ and S20.
It argued that the existing valuation ruling was more than one and a half years old and the Customs values determined therein were no longer reflective of the ling international market conditions.
“In pursuance of a comprehensive analysis of import data, prevailing market trends, and the observed variance between international market prices and declared Customs values, an exercise for the re-determination of Customs values of the subject goods was initiated under Sections 25 and 25A of the Customs Act, 1969,” read the ruling.
The FBR has set the customs value of used Samsung Galaxy S20+ at $46 per piece while it is $41 for used and imported Galaxy S20.
PTA Tax Update
In the ruling, FBR stated that the revised customs values will be used for assessment of duty/taxes against the Samsung Galaxy S20 series phones.
Importers and owners of used and imported phones can contact the competent authority to get details about the exact tax rate.
