KARACHI: Pakistan Customs has determined the valuation of new branded heavy motorcycles for five importable years for the purpose of levying duties and taxes, a notification said on Tuesday.
The Directorate General of Customs Valuation issued Valuation Ruling No. 672/2014 for the revision of customs values of the said goods, which is being pointed out by the Model Customs Collectorate Appraisement (West), Karachi. He said that the previous ruling was silent regarding model year and proposed to determine the customs values of new heavy motorcycle for five importable years.
Therefore, an exercise of determining the valuation of new branded heavy motorcycle of all origin is due to reflect the prevailing prices of the international market.
The notification said that identical/similar goods value methods provided in Sub-Section (5) of Section 25 ibid provided some references values in respect of import of new heavy motorcycles by renowned local assemblers.
However, market enquiry in terms of was not found helpful in determining the customs values of the subject motorcycles. Whereas, computed value method as envisaged was found applicable as cost of raw materials and fabrication charges and amount of profit and general expenses, in the country of export has been reflected in MSRP of the motorcycle manufacturers.
Accordingly, the following FOB values of imported new branded heavy motorcycles of various origins have been determined on the basis of MSRP of motorcycle manufacturers after allowing necessary discount on account of domestic taxes and commission other charges.
Meetings were held with stakeholders including representatives of Automotive Parts Manufacturers Associations (APMA), importers and local assemblers and representatives of MCC Appraisement (East/West) and Port Qasim, Karachi on March 17, 2014.
In case where declared values are higher than the customs value determined in this ruling, the assessing officers shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969, it said.
It is mentioned, “In case of consignment imported 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.
The values determined in this ruling shall be applicable customs values for assessment of subject goods until and unless it is revised by the competent authority.
It added that a revision petition may be filed against this ruling within 30 days from the date of issuance before the Directorate General of Customs Valuation.