KARACHI: Pakistan Customs has reduced significantly the valuation of almond by 37 percent to $1.88 per kilogram and allowed the import of the dry fruit from all over the world, which was valued at $3 and only allowed from the US.
Similarly, on import of the dry nut the customs authorities reduced the valuation by 50 percent to $1.60 from previous valuation of $3.25.
In the valuation ruling No. 27th/2014, Directorate General of Customs Valuation has amended the valuation downward to stop shifting of bonafied import of almonds to the smuggling regime, according to notification.
However, valuation ruling of 2013 showed upward trend in almond valuation due to reason that import was being made on under invoices which were causing loss of revenue to the national exchequer, valuation ruling 604/2013 said.
As per current notification, the maximum value of almond has reduced to $1.88 from $3.00 value in 2013.
The following are the amended values of almond imported from all origins that are implemented from January 27, 2014:
1. Almond in shell soft cover with all origin (except Iran and Afghanistan), $0.85.
2. Almond in shell soft cover with origin Iran and Afghanistan, $0.72.
3. Almonds in hard shell cover with all origin (except Iran and Afghanistan), $0.06.
4. Almonds in hard shell cover with origin Iran and Afghanistan, $0.55.
5. Almonds shelled with all origin (except Iran and Afghanistan), $1.88.
6. Almond shelled with origin Iran and Afghanistan, $1.06.
Methodology was adopted under Section 25(5) and (6) of Customs Act, 1969, provided some reference values. It is provided by MCC Quetta vide letter were taken into consideration which were in conformity with Pakistan Kiryana Merchants Association, consequently Section 25(9) ibid, was applied to arrive at the assessable Customs Value, a notification said.
Meetings were held with Pakistan Kiryana Merchants Association, Chamber of Commerce & Industry, Quetta (Baluchistan), Importer and Exporter Association, along with members of FPCCI & KCCI to share the views regarding almond valuation.
The determined values are applicable on subjected goods until and unless it is revised by the competent authority.
Almond valuations reduced significantly; valuation halved on Iran, Afghanistan origins
