KARACHI: Pakistan Customs has determined the valuation of capacitor(other than international brands) of Chinese origin up to $1.70 per kilogram due to massive under-invoicing which was causing revenue loss to government exchequer, a notification said.
The Directorate General of Customs Valuation on Thursday issued Valuation Ruling No. 651/2014 for the determination of customs values to collect the duty and taxes.
Valuation methods provided in Section 25 of the Customs Act, 1969 were followed and market inquiry was conducted before fixation of any customs values for the said good under Sub-Section (7) of Section 25 and findings of enquiry as provided under Sub-Section (7) of Section (25) read with Sub-Section (9) ibid were adopted to determine the customs values for capacitors, a notification sais.
Meetings were held with stakeholders on May 6, 2013, November 22, 2013 and March 18, 2014 where their views taken into account regarding valuation of capacitor.
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vide this ruling shall be the applicable customs values for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, a circular said.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.
Valuation for capacitors of Chinese origin revised due to massive under-invoicing
