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DG Valuation issues Valuation Ruling No 1240/2017

DG Valuation issues Valuation Ruling No 1240/2017

KARACHI: The Directorate General of Customs Valuation has revised the customs value of Glass Lid  Valuation Ruling No 1240/2017 under Section 25A of the Customs Act, 1969.

Customs values of Glass Lid were determined and notified vide Valuation Ruling No.1198/2017, dated 08-08-2017. A representation was received from Gujranwala Chamber of Commerce & Industry, Gujranwala for revision of the above mentioned Valuation Ruling No. 1198/2017, dated 08-08-2017. Therefore, an exercise was undertaken to determine the customs values of the subject item under Section 25-A of the Customs Act, 1969, to reflect the prices prevailing in the international market. Stakeholders’ participation in determination of Customs values: Meeting with Stakeholders was held on 07-12-2017. The same was attended by representatives of wala Chamber of Commerce & Industry, Gujranwala and FPCC&1 The importers 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. iv) Copies of Sales Tax Invoices issued during last four months showing the values of supplies (excluding duty and taxes) to substantiate their contentions.

The stakeholders during the meeting submitted that the values so determined in the valuation ruling No. 1198/2017 dated: 08.08.2017 is on higher side and not compatible with international market as the same are used for exports of different utensils.