KARACHI: Pakistan Customs has determined the valuation for re-rollable scrap and compressor scrap of all origins up to $620 per kilogram as to reflect the prevailing international prices, a notification said.
The Directorate General of Customs Values on Thursday issued Valuation Ruling No.653/2014 for the determination of the said good due to massive under-invoicing which was causing loss of revenue to government exchequer.
The following valuations are included:
1. Re-rollable scrap of all origins will be assessed at the rate of $440/kg
2. Compressor scrap of all origin will be assessed at the rate of $620/kg
Meetings were held with all stakeholders for discussion on the current international prices of subject goods on May 23, 2013, June 14, 2013, June 28, 2013, January 2, 2014 and March 12, 2014 which were attended by the representatives of Karachi Chambers of Commerce and Industry, importers and local manufacturers.
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vide this ruling shall be the applicable customs values for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, a circular said.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.