KARACHI: Director General Customs Valuation has rejected a revision petition filed against Valuation Ruling No.1209/2017, as the values of almonds determined vide the said ruling are in line with the prevailing market realities.
A number of almond importers had approached Directorate General agitating against Valuation Ruling No. 1209/2017 submitting the same does not over the present fluctuation of prices of international market which had reduced to about half of the prices. Importers also prayed to declare the said Valuation Ruling null and void as the same was issued on forced construction of Section 25 of the Customs Act.
The department explained that under-invoicing in imports of Almonds was a concern for the clearance formations. Hence, the item was taken up to ascertain Customs value to be applied for assessment purpose. Department stated that due diligence was exercised in the valuation process and that importers were associated in the hearings; their viewpoint was duly heard and considered.
The importers on the other hand could not produce any documentary evidence to substantiate their transaction values. Their declared values were extremely low and warranted determination by using alternative methods which was accordingly done in accordance with law.
The Directorate General rejected the revision petition and upheld the Valuation Ruling No.1209/2017.