KARACHI: Pakistan Customs has revised the valuation of food supplements including: drinking powder Milo, Nesquick, Bournvita, Ovaltine, Complan and Horlicks up to $3/kg due to its import on massive under-invoicing which was causing loss of revenue to government exchequer.
The Directorate General of Customs Values on Tuesday issued Valuation Ruling No.640/2014 for the determination of Customs Values for food supplement of all origins.
The following valuations are included:
1. Drinking Powder Milo, Nesquick, Bournvita, Ovaltine and Complan of all origins under PCT code 1901.9090 and 2106.9090 will be assessed at the rate $2.20/kg.
2. Drinking Powder Horlicks of all origins under PCT Code 1901.9090 and 2106.9090 will be assessed at the rate of $3/kg.
Meetings were held with stakeholders including representatives of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Karachi Chambers of Commerce and Industry (KCCI) to obtain view related to valuation of food supplement.
The value revised under deductive value method under Sub-Section (7) read with Sub-Section (9) of Section 25 of the Customs Act, 1969, was applied to arrive at the Customs Values, according to notification.
It said that a revision petition may be filed against the ruling, as provided under Section 25-D of the Customs Act, 1969 within 30 days from the date of issuance.
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.