KARACHI: The Directorate General of Customs Valuation has revised the customs values of old and used auto parts vide Valuation Ruling No 1207/2017 under Section 25-A of the Customs Act, 1969.
According to the details, customs values of old and used auto parts were earlier determined and notified vide Valuation Ruling No.711/2015 dated 29-01-2015.
A representation was received from Customs Collectorate Islamabad for redetermination of custom values of old and used auto parts. Moreover, the Valuation Ruling was more than 2 years old, therefore, an exercise was initiated to determine the customs values of old and used auto parts under Section 25-A of the Customs Act, 1969 to reflect the prices prevailing in the market.
Meetings were held with stakeholders on 15.12.2016, 05.01.2017 and 31.07.2017. The same were attended by representatives of M/s Sindh Auto Parts Importers & Dealers Association (SAPSIDA), M/s. Indus Motors Limited, M/s PAAPAM, KCC&I, Importers and officers / officials of MCC, Islamabad and other field formations.
The importers were requested to submit invoices of imports during last three months showing factual value and 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 difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
During the meetings, importers argued that prices of old and used auto parts vary in the market on basis of their condition, type and use in any peculiar vehicles. They further contended that due to increase in rate of dollar and maximum duty structure, any increase in existing values would be detrimental to the trade.