KARACHI: The Customs Valuation Department has issued a Valuation Ruling No.491/2012 dated 08.11.2012 and minimum valuation has been fixed for Non Carbon Releasing Paper.
The background of the issuance of this valuation ruling is that Directorate General of Customs Valuation has received a complaint of under-invoicing. On receiving this complaint, an inquiry was initiated, which resulted into issuance of Valuation Ruling No.491/2011 dated 08.11.2012.
The valuation ruling consist of two tables. Table A contains valuation ruling for Non Carbon Releasing Paper (HS Code 4809.2000) and table B contains valuation ruling for self adhesive sticker paper (HS Code 4811.4100 & 4811.5990). The valuation for Non Carbon Releasing Paper in sheets originating from China has been fixed from USD1.29-1.49/Kg and for Indonesia from USD1.30-1.50/Kg. The valuation for self adhesive sticker paper has been fixed USD USD1.60/Kg for China Origin and USD 1.70/Kg for Indonesia origin.
The customs notification said that the valuation ruling would have prospective application and the values determined in the ruling would continue to be applicable until it is rescinded or revised by a competent authority. Moreover the valuation applies to cases where declared values are less than the customs value determined in the ruling. In cases where declared values are more than the customs values determined in the ruling the concerned assessing officer should accept the declared value.
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