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DG Valuation revises customs values of medium density fiber

DG Valuation revises customs values of medium density fiber

KARACHI: The Directorate General of Customs Valuation has revised the customs value of medium density fiber (MDF) board  vide Valuation Ruling No 1309/2018 under Section 25-A of the Customs Act, 1969.

The customs values of medium density fiber (MDF) board were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No.873/2016 dated 21.06.2016 and revised vide Order in Revision No.218/2016 dated 03-08-2016.

Numerous representations were received from importers that as the valuation ruling is very old and the prices have declined internationally, therefore, values may be re-determined in line with current values available in the international market.

Therefore, an exercise was initiated in terms of Section 25-A of the Customs Act, 1969 to determine customs values of medium density fiber (MDF) board afresh.

A number of meetings were held with stakeholders including importers, representatives from Karachi Timber Merchants Group and officers from field formations. The stakeholders were requested to furnish 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 items in question. Copies of sales tax invoices issued during last three months showing the difference in price (excluding duty and taxes) to substantiate their contentions.

The representatives of M/s Karachi Timber Merchant Group were of the view that the determined values are so high that they can’t compete in the market. In this regard, they also submitted their proposals for determination of custom values of MDF board of different origins and specifications.