KARACHI: The Directorate General of Customs Valuation has advised Director Customs Valuation Karachi that valuation of goods namely ‘printing ink’ decided in the Valuation Ruling No.634/2014 needs to be revisited so as to reconcile the same with the prevailing values.
The directorate General issued these directives in order issued in a petition filed by M/s DIC Pakistan challenging the values determined in the impugned Valuation Ruling of printing ink.
M/s DIC Pakistan challenged the ruling in light of very low prices declared in the impugned Ruling praying upward revision in the values.
M/s DIC Pakistan is a subsidiary and associated house of multinational company DIC Japan which was earlier known as Coates Lorilleux of France having global leadership in printing inks, coatings and high performance pigments with networks in USA and other regions of the world.
The Directorate General in its order noted that product quality and expenditure for a reputed international standard product is obviously regarded much higher than the Chinese goods exported to Pakistan.
The DG Customs Valuation notes that it is clear that there are certain restrains and conditions under the law to adopt valuation method defined under section 25(8) of the Customs Act and a price determination of imported goods cannot be drawn on the basis of cost of goods manufactured locally or in a country other than the country of export. Nevertheless, it is viewed that in the process of valuation, the global phenomenon and international price tendency can always be visualized to reach a fair conclusion, It is therefore, ordered that the valuation of Printing Ink decided in the impugned ruling needs to be revisited so as to reconcile the same with the prevailing market values.