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Valuation Ruling No: 955/2016 set to be revised on May 11 by Surriya Butt

Valuation Ruling No: 955/2016 set to be revised on May 11 by Surriya Butt

KARACHI: The Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 955/2016 on 11th of May 2018, it is learnt.

Surriya Butt said the department is reviewing suggestions from various importers to set the new prices of home and office furniture and parts. She said some valuations, which were issued in 2016, are being reviewed from the beginning.

Moreover, the valuations will be set in view of the rising prices in the international market. Sources told Customs Today that a petition was filed with the Customs Valuation in which change in prices of home and office furniture and parts was requested.

Sources further told CT that Valuation Ruling No: 955/2016 was issued on 25th of October 2016. A meeting was held with the stakeholders on  April 12, 2018.

Importers were advised 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 items in question through which the actual current value could be ascertained.