KARACHI: Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 927/2016 7 September after Eidul Azha, it is learnt.
According to the details, Surriya said that the department is reviewing suggestions from importers to set new prices. She further said that some valuations which were issued in 2015 and 2016 were over viewing from the beginning. Moreover, the valuations will be set in view of rising prices in international markets.
Sources told Customs Today that an application was submitted by the importers to Customs Valuation in which change in prices synthetic carpet was requested. Sources said that Valuation Ruling No. 927/2016 synthetic carpet issued on September 8, 2016.
A meeting was held with the stakeholders of 7 August, 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.
Sources said so many previous valuation ruling waiting to revised. Source said that a number of previous valuation ruling were under observation for new prices.