KARACHI: Pakistan Customs has revised the valuation for circuit breakers/switches/socket of Chinese origin up to $2 per kilogram on reports of massive under-invoicing, a circular said.
The Directorate General of Customs Values on Thursday issued Valuation Ruling No. 652/2014 for the determination of customs values of the said good and for the collection of duty and taxes.
The determined values are included:
1. Circuit breakers (other than international brands), $2/kg
2. Switch and socket (electrical) (other than international brands), $1.60/kg
Meetings were held with all stakeholders before reached to any decision for valuation of the said good on May 16, 2013 and March 18, 2014.
According to circular, valuation methods provided in Section 25 of the Customs Act, 1969 were followed and after market inquiry valuation fixed under Sub-Section (7) of Section 25 read with Sub-Section (9) ibid were adopted to determine the customs values for circuit breakers/switches/sockets.
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vide this ruling shall be the applicable customs values for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority, a circular said.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 revised for circuit breakers/switches/socket of Chinese origin up to $2per/kg
