KARACHI: Pakistan Customs has revised the valuation of Chinese origin industrial roller chains on reports of massive under-invoicing and determined value at $1/kg.
The Directorate General of Customs Valuation on Tuesday issued Valuation Ruling No. 641/2014 for the determination of customs valuation of the said good.
Therefore, market value were considered in Sub-Section (7) Section 25 of the Act ibid. Consequently, fall back method as provided under Sub-Section (9) of Section 25 of the Customs Act, 1969, was adopted to determine the customs values for industrial roller chain.
According to notification, meetings were held with the stakeholders before determination of customs values of said good.
In case where declared values are higher than the customs values determined in this ruling, the assessing officer shall apply those values in terms of the said sections.
In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the customs values determined in this ruling, notification said.
This valuation ruling shall be applicable for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, it said.
It further added that the collectors of customs may ensure that the values given in the ruling for the given description of goods are applied by the concerned staff without fail. Any anomaly observed with respect to PCT may kindly be brought to the notice of Directorate General immediately.