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Customs values of non-alloy steel wire not plated or coated revised

Customs values of non-alloy steel wire not plated or coated revised

KARACHI: The Directorate General of Customs Valuation has revised the customs values of non-alloy steel wire not plated or coated through Valuation Ruling No: 1330/2018 under Section 25A of the Customs Act-1969.

According to the details a number of representations were received from stakeholders that values ‘non alloy steel wire not plated or coated’ being declared to Customs are not correct transaction values, and needs remedial action by the Directorate.

Therefore, Directorate General Customs Valuation initiated an exercise for determination of customs values of ‘non alloy steel wire not plated or coated’ under Section 25-A of the Customs Act, 1969.

Meetings with stakeholders were scheduled on 18-07-2018 and 12.09.2018. The participants were requested to submit invoice of Imports made during last three months showing factual value.

Websites, names and e-mail address of known foreign suppliers / manufacturers of the item through which the actual current value could be ascertained. Copies of contracts made / LCs opened during the last three months showing the value of items in question.

Copies of sales tax paid invoices issued during last four months (excluding duty and taxes) to substantiate their contentions.

Different stakeholders including importers and officers from clearance Collectorate attended the meetings. Representatives of Collectorate stated that the subject item is being under-invoiced and a customs value shall be determined to forestall mis-declaration.

Other stakeholders contended that customs values shall be linked with accredited internationally published prices like LMB to forestall any under-invoicing or mis-declarations.

Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand. Transaction Value Method under Sub-Section (1) of Section 25 of the Act ibid was found inapplicable because required information under the law was not available. Identical and Similar Goods valuation methods provided in Sub-Sections (5) and (6) of Section 25 of the Customs Act, 1969 provided some reference values but due to wide variations in the declaratic is the same could not be relied upon exclusively. In the sequential order this office also conducted market inquiries in terms of Sub-Section (7) of Section 25 of the Customs Act, 1969.

Online available information was also checked. All the available information was analyzed and evaluated. Keeping all the above in view, Customs values of iron or non-alloy steel wire rod are determined under Sub-Section (9) of Section 25 of the Customs Act, 1969.