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DG Valuation decides to revise VR No 698/2014 in last week of Sept

DG Valuation decides to revise VR No 698/2014 in last week of Sept

KARACHI: Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 698/2014 in the last week of September, it is learnt here.

According to the details, Surriya said that the department is reviewing suggestions from importers to set new prices. She further said that some valuations, which were issued three years ago, were being reviewed from the beginning. Moreover, the valuations will be set in view of rising prices in international markets.

Sources told Customs Today that an application was submitted by the importers to Customs Valuation in which change in prices of abrasive products was requested. Sources said that Valuation Ruling No. 698/2014 abrasive products issued on November 6, 2014.

A meeting was held with the stakeholders on 3rd August, 2017. 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 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 ruling waiting to be revised. Sources said that a number of previous valuation ruling were under observation for new prices.