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Customs reduces up to 21% valuation on import of skimmed milk

Customs reduces up to 21% valuation on import of skimmed milk

KARACHI: Directorate General of Customs Valuation has decreased customs values up to 20 percent on import of skimmed milk powder for determination duty and taxes at clearance stage through Valuation Ruling No. 1239/2018.

The customs values of skimmed milk powder and instant milk powder were earlier determined vide Valuation Ruling No. 843/2016 issued on May 02, 2016.

The directorate said that several representations were received from commercial importers as they claimed the value of the items need to be re-determined keeping in view decreasing trend in international prices.

In this regard meetings with stakeholders including importers and representatives from field formations were held on December 12, 2017 to discuss the current international prices of the goods. The stakeholders informed that the existing valuation ruling should be reviewed in the light of prevailing international market prices.

After the meeting with the stakeholders, the directorate decided to reduce the customs values of following variety of skimmed milk: Skimmed Milk Powder (In Bulk Packaging) under PCT Code 0402.1000; the customs valuation has been reduced by 20 percent to $1.95 per kilogram from previous value of $2.45/kg on import from New Zealand, Australia, West Europe, Canada and USA.

On import of Iran the customs valuation has been reduced by 16 percent to $1.5/kg from $1.8/kg.

The valuation has been reduced by 21 percent to $1.78/kg from $2.25/kg on import from other regions.

02.Skimmed Milk Powder (In Retail Packing up to 5kgs/pack), the valuation has been reduced by 16.22 percent to $2.22/kg from previous valuation of $2.65/kg on import from origins including New Zealand, Australia, West Europe, Canada and USA.

The customs valuation of this category of skimmed milk has been reduced by 14.63 percent to $1.72/kg from $2.05/kg on import from iran.

Similarly, the valuation has been reduced by 16.07 percent to $2.14/kg from $2.55 kg on import from all other origins.

03.The customs valuation on instant milk powder with vegetable fat (in bulk packing) has been reduced by 2.85 percent to $1.7/kg from $1.75/kg on import from all origins.

04.The valuation of Instant Milk Powder with vegetable fat (in retail packing up to 5kg/pack) has been reduced by 2.7 percent to $1.8/kg from $1.85/kg on import from all origins.