KARACHI: Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 808/2016 in the first week of September, it is learnt.
Surriya said the department is perusing suggestions tabled by importers to set new prices. She further said some valuations, issued in 2015 and 2016, were well-read from the beginning. Moreover, the valuations will be set in view of rising prices in the international markets.
Sources told Customs Today that an application was submitted by the importers to Customs Valuation in which change in prices of Liquid Chloro Paraffin Chlorinated parafin was requested. Sources said that Valuation Ruling No. 808/2016 Liquid Chloro Paraffin Chlorinated parafin issued on January 22, 2016.
A meeting was held with the stakeholders of 3rd of August 2017 on Thursday. Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.
The copies of contracts were made/LCs opened during the last three months showing the value of item in question and copies of sales tax invoices were issued during the 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. Source said so many previous valuation rulings waiting to be revised. Source said that a number of Previous Valuation Rulings are under observation for new prices.