KARACHI:- The Director General, Valuations of Pakistan Customs exercising powers conferred under Section 25 of the Customs Act 1969, issued a new Valuation Ruling (VR) 769 0f 2015 replacing VR 678/2014 in respect of Custom values of Sauces, Salad Dressing, Mayonnaise / Mustard and Tomato Ketchup.
According to the notification Venus Pakistan (Pvt) Ltd filed a review application before the Director General of Customs Valuation against the VR 678/2014 agitating high determination of value of Bulk Packing Mayonnaise. The petitioner contended that there is at least 20-25 per cent price difference in Bulk and Retail packing. The international prevailing market prices are also cited as a reason for seeking determination and issuance of a new VR. The Director Valuation after adopting procedure under section 25 of the Customs Act issued a new VR and directed the custom officials to follow the same till further orders.