Massive under-invoicing; customs values revised for spray paints

KARACHI: Pakistan Customs has revised the valuation for spray paints of all origins up to $1 per/kg 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 Wednesday issued Valuation Ruling No. 649/2014 for the determination of customs valuation of the said good for the collection of duty and taxes.
The determined customs values for spray paints are included:
1. Spray paints of China origin will be assessed at the rate of $0.80/kg
2. Spray paints of Thailand origin will be assessed at the rate of $0.85/kg
3. Spray paints of other origins will be assessed at the rate of $1/kg
Meetings with stakeholders were held on March 13, 2014 and March 20, 2014 for the assessment of customs values of menthol crystal.
If declared values are higher than the customs value determined in this ruling, the assessing officers shall apply those values.
The values determined vide this ruling shall be the applicable customs values for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, a circular said. It added that review petition may be filed against this ruling within 30 days from the date of issuance of this notification.
The notification said that the collectors of customs may kindly ensure that the values given in this ruling for the said goods are applied by the concerned staff without fail.
It added that any anomaly observed with respect to PCT may kindly be brought to the notice of Directorate General immediately.

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