KARACHI: The Customs Valuation Department has decided to issue new Valuation Ruling (VR) of cosmetics and toiletries including perfumes, body sprays, deodorants etc and to withdraw the fresh Valuation Rulings No.588, 589 and 590.
According to the details, the Customs Valuation Department on September 30 had issued Valuation Rulings according to the Article 25-A of the Customs Act, 1969 of the Cosmetics and toiletries after a market survey, however; the local importers have expressed their strong concern over the issued valuation rulings, as those VRs had increased prices of the cosmetic and toiletries products.
The local importers had also filed a petition in Sindh High Court (SHC) against the issuance of Valuation Rulings No.588, 589 and 590, as the importers have a liberty according to the law to submit a petition against any VR within 30 days of the issuance of Valuation Ruling.
Sources informed Customs Today that the prominent importers termed the VRs No.588, 589 and 590 “true and correct” and as per the market inquires, however; the local importers were not happy and expressed their strong reservations on the issuance of those VRs.
The sources further told this scribe that the big importers termed the issuance of said VRs an attempt to increase the government revenue and helpful in stopping smuggling. They said that the local importers pressurised the Director Customs Valuation on issuance of new Valuation Rulings of cosmetics and toiletries and in this regard all set for the issuance of new VRs in just 25 days after the issuance of VRs No.588, 589 and 590.
It is pertinent to mention here that the Customs Valuation Department will issue the new VRs of cosmetics and toiletries at that time when the petition against those VRs is already submitted in the SHC.