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DG Valuation Surriya Butt to revise VR No 777/2017 next week

DG Valuation Surriya Butt to revise VR No 777/2017 next week

KARACHI: Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 777/2015 until next week, it is learnt.

According to the details, Surriya said that the department was viewing suggestions from importers to set new prices. She further said that some valuations, which were issued in 2015 and 2016, were being viewed and will be set in accordance with rising prices in international markets.

Sources told Customs Today that an application was submitted before the department two week ago in which change in prices of gypsum board, gypsum tiles, and fiber cement board was requested. Sources said that Valuation Ruling No. 777/2015 of gypsum board, gypsum tiles, and fiber cement board was issued on December 4, 2015.

A meeting was held with stakeholders on August 27, 2017. Importers were told to furnish the import invoices of the last three months, showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.

The copies of contracts were made/LCs opened during the last three months showing the value of item in question and copies of sales tax invoices issued during the last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers. Source said so many previous valuation ruling waiting to be revised.