Wednesday , July 17 2019
Breaking News
Home / Karachi / DG Valuation issues customs values of Magnesium Silicate (fruit Ripener/Ethylene Ripener)
DG Valuation issues customs values of Magnesium Silicate (fruit Ripener/Ethylene Ripener)

DG Valuation issues customs values of Magnesium Silicate (fruit Ripener/Ethylene Ripener)

KARACHI: The Directorate General of Customs Valuation has issued customs values of Magnesium Silicate (fruit Fipener/Ethylene Ripener) through Valuation Ruling No: 1356/2018 under Section 25A of the Customs Act-1969.

Earlier, there were several representations from importers in the meeting held on 12.3.2019 in which they contended that customs values of Magnesium Silicate (Fruit Ripener/Ethylene Ripener) are not reflective of the prices in the international markets and therefore they need to be reviewed accordingly.

Keeping in view the prevailing prices in the international markets, Directorate General Customs Valuation initiated an exercise for re-determination of the customs values of Magnesium Silicate (fruit Fipener/Ethylene Ripener)  in terms of Section 25-A of the Customs Act, 1969.

Several meetings with stakeholders were held in Directorate General to discuss the current international prices. The stakeholders were requested to submit invoices of imports 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.

Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate their contention.

The view point of all participants was heard in detail and considered to arrive before arriving at the customs values of various brands of popcorn.

Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to address the valuation issue at hand. The transaction value method as provided in Sub-Section (1) of Section 25, was found inapplicable due to wide variation of values displayed in the import data, hence requisite information was not available to arrive at the transaction value. Identical / similar goods value method provided vide Sections (5) & (6) of Section 25 ibid were examined applicability to determine Customs value of subject goods.