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Customs Valuation revises value of artificial jewellery

Customs Valuation revises value of artificial jewellery

KARACHI: The Directorate General of Customs Valuation has revised the customs value of artificial jewellery through Valuation Ruling No 1007/2017 under Section 25A of the Customs Act, 1969.

Customs Values of artificial jewellery were determined vide Valuation Ruling No484/2012 dated 25-10-2012. Being more than 4 years old, it was deemed expedient to revise the same according to trends prevailing in the current international market. Meetings were scheduled on 25-08-2016, 22-11-2016 and 27-12-2016. The stakeholders had been requested to submit the following documents, Invoices of imports made during last three months showing factual value, websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, copies of Contracts made / LCs opened during the last three months showing the value of item in question and copies of sales tax Invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.

The requisite documents were not submitted by the importers. However, some importers submitted some clearance related documents. The first two meetings were postponed on the request of the importers. The representative of the importers appeared for meetings on 27-12-2016 and submitted that the market enquiry should be conducted from whole sale markets in Karachi and Lahore. The Directorate of Customs Valuation, Lahore was also requested to conduct said market enquiry. A similar exercise was conducted from whole sale market in Karachi.

Moreover, it was decided during the meeting that values for sea route shall be specified in the Valuation Ruling and the air freight component will be decided by the clearance Collectorates as per actual air freight paid. Furthermore, it was categorically decided that assorted / designer wear shall not be assessed at values mentioned in the Valuation Ruling. The Collectorate shall assess the same under Section 25 of the Customs Act, 1969.