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DG Valuation revises customs values of grinding wheel, grinding cutting

DG Valuation revises customs values of grinding wheel, grinding cutting

KARACHI: The Directorate General of Customs Valuation has revised the customs value of abrasive products grinding wheel / grinding cutting disc through Valuation Ruling No 1247/2017 under Section 25A of the Customs Act, 1969.

The customs values of abrasive products grinding wheel / grinding cutting disc were determined vide valuation ruling No. 930/2016, dated 20-09-2016 and subsequently were revised vide Order-In-Revision No.251/2016, dated 10-10-2016. An exercise under Section 25A of the Customs Act, 1969 was undertaken in this Directorate to re-determine the values of abrasive products grinding wheel / grinding cutting disc afresh in order to reflect the prices prevailing in the international market.

Meetings with stakeholders was held on 05-10-2017, 13-10-2017, 14-11-2017, 04-12-2017 in the Directorate General of Custom Valuation, Custom House, Karachi and on 26-12-2017 at the Directorate of Customs Valuation, Customs House, Lahore on the request of Lahore Chamber of .Commerce & Industry, Lahore. The importers were requested to submit the 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