KARACHI: The Directorate of Post Clearance Audit has urged the Directorate General of Customs Valuation to revise the customs values of tyres and tubes, particularly of the Indian origin.
The PCA has recommended upward revision in the customs values of tyres and tubes after mass under-invoicing was pointed out by the PCA in recent times.
Director Post Clearance Audit, Gul Rehman has detected major under-invoicing on the import of tyres and tubes. Preliminary audit findings show that tyres and tubes are being under-invoiced by approximately 52 percent resulting in significant revenue loss.
According to details, Customs conducted a desk audit of the import of these goods for the period January 2013 to December 2015, and it was found that the assessment of these goods has been made as per valuation ruling i.e Customs value applicable at the time of import.
However, the values declared by the importers were cross-checked by the transaction value in the exporting country. This exercise revealed that value of goods declared to the Customs of shipping country at the time of export of these goods is much higher than the invoice value declared before Pakistan Customs.
Directorate General of Customs Valuation has been urged to examine the issue carefully to re-fix the import trade price of the subject goods.
