KARACHI: Pakistan Customs has revised the valuation of Chinese origin LED rechargeable lights up to $0.95 P/c on reports of massive under-invoicing, which was causing loss of revenue to government exchequer, a notification said.
The Directorate General of Customs Valuation on Friday issued Valuation Ruling No.644/2014 for the determination of Customs Valuation of the said good for the collection of duty and taxes.
The determined values for LED rechargeable lights of China origin are included:
1. 1-4 LED, $0.08/Pc
2. 5-7 LED, $0.15/Pc
3. 8-13 LED, $0.25
4. 14-19 LED, 0.32/Pc
5. 20-25 LED, $0.48/Pc
6. 26-32 LED, $0.55/Pc
7. 33-45 LED, $0.75/Pc
8. 46-60 LED, $0.95/Pc or $ 1.30/Kg whichever is higher
According to notification, meetings were held with the stakeholders on December 10, 2013 and December 16, 2014 where the view of importers and other trade representatives were considered before determination of customs values of said good.
It said, 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This valuation ruling shall be applicable for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, it added.
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.
Massive under-invoicing; valuation revised for Chinese LED rechargeable lights up to $ 0.95 P/c
