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DG Valuation revises customs values of submersible pumps through VR No 1323/2018

DG Valuation revises customs values of submersible pumps through VR No 1323/2018

KARACHI: The Directorate General of Customs Valuation revised the customs values of submersible pump through Valuation Ruling No: 1323/2018 under Section 25A of the Customs Act-1969.

According to the details, it was brought to notice of this Directorate General that submersible pumps are being assessed at lower price. Therefore, an exercise was initiated to determine the custom values of submersible pumps under Section 25-A of Customs Act, 1969.

Meetings were held with stakeholders on 21.03.2018 and 01.08.2018 and 04.09.2018 .Meetings were attended by different stakeholders including importers, officers from clearance Collectorates and representatives from trade bodies. All stakeholders had been 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 values of supplies (excluding duty and taxes) to substantiate their contentions.  The importers during the meetings submitted that their submersible pumps have different tae and capacity and their prices vary accordingly.

Some of the stakeholders stated that pumps are being declared and assessed on very low side and there is a need to determine 4 e custom value under section 25A for uniform assessment across the board. Despite lapse of considerable time, requisite documents have not been submitted by the stakeholders. 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 the requisite information under the law was not provided by the importers. Identical and similar goods valuation methods provided in Sub-Sections (5) and (6) of Section 25 of the Customs Act, 1969 provided some reference values but due to wide variations in the declarations the same could not be relied upon exclusively. In the sequential order this office conducted market inquiries in terms of Sub-Section (7) Of Section 25 of the Customs Act, 1969.

Input and feed-back by the participants during the stakeholders’ meetings were also considered. Online information was also obtained. All the information so gathered was analyzed and evaluated. Keeping all the above in view, customs values of submersible pumps are determined under Sub-Section (7) of Section 25 of the Customs Act, 1969.