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DG Valuation revises customs values of industrial roller chains

DG Valuation revises customs values of industrial roller chains

KARACHI: The Directorate General of Customs Valuation has revised the customs values of industrial roller chains vide Valuation Ruling No: 1268/2018 under Section 25A of the Customs Act-1969.

The Customs values of industrial roller chains were determined vide Valuation Ruling No 641/2014 dated 03-03-2014. As the ruling was very old and the custom values determined vide Valuation Ruling No. 641/2014 dated 03-03-2014 do not reflect international market trend. Therefore, an exercise was initiated to determine the customs values of the aforementioned goods under Section 25-A of the Customs Act, 1969.

Stakeholders’ participation in determination of Customs values: Meeting with stakeholders was held on 01-01-2018 and 15-2-2018. The participants were requested to submit ‘following documents before or during the stakeholders meetings.

Invoice of Imports made during last three months showing factual value. Websites, names and e-mail address of known foreign suppliers / manufacturers of the item in question through which the actual current value could be ascertained

Copies of contracts made / LCs opened during the last three months showing the value of items in question. Copies of sales tax paid invoices issued during last four months (excluding duty and taxes) to substantiate the contentions of the importers.

However, the requisite documents were not submitted even after a lapse of considerable time. Method adopted to determine Customs values: Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand.

Transaction value method under Sub-Section (1) of Section 25 of the Act ibid was found inapplicable because required information under the law was not available. Identical / similar goods values methods provided in Section 25(5) & (6) were examined for applicability to the valuation issue in the instant case which provided a number of reference values of subject goods but the same could not be exclusively relied on due to wide variations in declared values of subject goods.

Thereafter, market enquiries as envisaged under Section 25(7) of the Customs Act, 1969, were conducted. Online prices were also obtained to corroborate the findings of market survey. Consequently, the customs values of the industrial roller chains have been determined under section 25(7) of the Customs Act, 1969.