KARACHI: Directorate General Customs Valuation (DGCV) has revised the customs values of food supplements under section 25(7) of the Customs Act, 1969 vide Valuation Ruling No. 1375.
According to details, it was brought to the notice that the declaration of values of food supplements varied considerably and did not correctly reflect values of the items as traded in the international market.
The Directorate through verifications reaffirmed the stance that the subject items were being assessed at different values and certain transactions were on very low side. So that, the Directorate has initiated an exercise for the determination of customs values of food supplements in terms of Section 25-A of the Customs Act, 1969.
For the purpose, the meetings were held with the stakeholders. The importers contended that the actual value of subject goods was much lower than the database values issued, which has promoted the trade of these goods through illegal channels. They pointed out that the costs of selling have not been correctly accounted for in valuation database and requested to determine the veracity of their stance through fresh market surveys.
They further contended that all the allied expenses were not accounted for while issuing the database values which may be considered now. The viewpoints of all participants were heard in detail and considered to arrive at customs value for subject goods. In line with the statutory sequential order of section 25, the Directorate has conducted market inquiries under sub-section (7) of section 25 of the Customs Act. 1969.
As there were certain differences in prices in different markets therefore, a number of surveys were conducted to arrive at customs values. Resultantly, the customs values of food supplements have been determined under section 25(7) of the Customs Act, 1969 accordingly.