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Directorate General Customs I&I uncovers under-invoicing scandal

Directorate General Customs I&I uncovers under-invoicing scandal

KARACHI: The Directorate General of Intelligence & Investigation (Customs) Karachi has uncovered a scandal of under-invoicing on the import of kraft liner board and sack kraft paper.

Meanwhile, Directorate General of Customs Valuation Karachi has released new Customs values of above said items under section 25-A of the Customs Act, 1969 for accurate assessment of Customs duty at import stage.

Directorate General of I&I-FBR, Regional Office, Karachi sent a complaint regarding under-invoicing on the import of kraft liner board and sack kraft paper to Directorate General of Customs Valuation, which issued new valuations of the mentioned goods to reflect the current price trend in the international markets.

The authorities concerned held meetings with stakeholders, which was attended by representative of importers and manufacturers of paper products.

As per ruling, kraft liner board and sack kraft paper shall be assessed to duty/taxes at the new Customs values. In cases where declared/transaction values are higher than the Customs values determined in the Ruling, the assessing officers shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs values determined in the Ruling.