Directorate General of Customs Valuation fixes import value of fabric

KARACHI: The Directorate General of Customs Valuation has notified the tentative import values of fabrics or ladies shirting and blended fabrics for men’s suiting at the rate of $7.11 per KG and $6.26 per KG respectively.
The import values have been notified on the request of Directorate General of Intelligence and Investigation for issuance/fixation of value of 100 percent viscose fabrics and blended viscose fabric with cotton and polyester.
According to details, the Customs authorities had held over 200 consignments of fabric for mis-declaration. DG I&I had dispatched some samples from these consignments to DG Valuation for determination of import values.
Director Valuation Suriya Ahmed Butt, Additional Director Iqbal Muneeb and Deputy Director Mushtaq Shayani along with other officers conducted a survey of different markets of Karachi and collected the rates provided by local manufacturers and then the above mentioned values were fixed.
It has also been found that several importers were taking undue benefit at the rate of 3.0 percent on the import of cotton blended as this product is not the beneficiary of any trade agreement.
Customs intelligence sources suspect that invoices of the held consignments declaring values at $1.6 per KG were either fake, or these contained stock lots, job lots, which is against the import policy.
It may be mentioned here that the value of cotton blended in the international market is on average $6.25 per KG.
The sources said that the value of cotton blended is being declared at $12,000 – 14,000/20Tons, which is substandard. In fact the value of standard quality fabric of 20 Tons containers is around $30,000 to $40,000.
The sources said that if Chinese government had issued any certificate under Free Trade Agreement is illegal. However, investigation is underway on presentation of fake certificates by the importers.
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