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Customs valuation issues value of cashew nuts

Customs valuation issues value of cashew nuts

KARACHI: Directorate General of Customs Valuation has issued reference values for cashew nuts. The directorate general suggested the value of cashew nuts (All Origins) vide VDB No. 114 dated December 27, 2016. Subsequently, Customs Appraisement West vide their letter No. SI/Misc/186/2016- R&D/AIB (West) dated 27-12-2016 has informed that the importers of subject item approached to the department and on their request a joint market enquiry was conducted to determine a fair value of cashew nuts (all origins). Therefore value of “cashew nuts” suggested $5.50/Kg through work back method.

The directorate general, after carefully examining the clearance data, also conducted market inquiries to verify the authenticity of suggested value by Customs Appraisement West. Online prices were also obtained to corroborate the findings of the market surveys. The office, therefore, has found that the customs values of cashew nuts are $5.50/Kg

These values are, however, for reference/guidance only and final assessment may please be made after considering other factors which have bearing on the customs value.

The clearance may like to consider the values given above before finalizing the assessment of the subject items. If further fine-tuning in specifications and ensuing values are required, Collectorate may forward a reference along with detailed justifications and works 3 is so that requisite adjustments are accordingly issued.