KARACHI: Directorate General Customs Valuation has revised customs values on the import of high tensile nuts, bolts and washers for accurate assessment of duties and taxes at the import stage.
According to a valuation ruling issued by the DG Valuation, earlier the customs values of high tensile nuts, bolts and washers were determined vide Valuation Ruling No 949/2016, dated 6 October 2016.
Representations were received from traders/stakeholders that there is an increase in the prices of this commodity and therefore valuation ruling needs revision.
This Directorate General; therefore, initiated a fresh exercise for determination of custom values of the subject goods in terms of Section 25A of the Customs Act, 1969.
During the meeting with the directorate, the importers informed that international market has showed a mixed trend of prices over the period of time but no supportive documents were submitted in this regard.
However, the manufacturers contended that the values of the subject goods should be determined on the basis of LMB prices as the values of raw material used in the making of their goods is available in LMB, adding conversion cost. They also submitted documents in this regard.
Transaction value method provided in Section 25(1) of the Act ibid was found inapplicable because no substantial import documents were provided by the stakeholders to prove that their declared values were true transactional values.
Moreover, different values were determined by various importers for same product according to different origins.
Therefore, identical and similar goods valuation methods as provided in sub-section (5) and (6) of Section 25 ibid were examined for applicability to determine custom values of the subject goods.