KARACHI: The directorate General of Customs Valuation has revised the Customs values of door knobs and locks vide valuation ruling No.697/2014.
The values of knob & handle door look, door handle thumbs action lock (entrance lock) were determined vide valuation ruling No.499/2012. With a view to reflect the current prices in the international market of these items and also of night latch/rim lock, an exercise to determine the Customs values of the subject goods was taken up.
Valuation methods provided in Section 25 of the Customs Act, 1969 were followed. Transaction value method provided in section 25(1) was found inapplicable because requisite information required under the law was not available. Identical/similar goods value methods provided in sub-section (5) & (6) of section 25 ibid were examined but were found inapplicable due to variable and unreliable values. Market enquiry was conducted under Section 25(7) and as per findings of enquiry Deductive Value Method as provided under section 25(7) read with sub-section (9) of the Customs Act, 1969 was adopted to determine the Custom values for Knob & Handle Door Lock, Door Handle Thumbs Action Lock (Entrance Lock) and Night Latch/Rim Lock.
Meetings were held which were attended by relevant stakeholders and their views were sought regarding valuation of subject items.
The Directorate has revised the values of iron or alloy knob & handle door lock (non-electric) under PCT 8301 to $1.4/KG, which earlier was $1.20/KG.
Iron or non-alloy door handle thumb action lock (entrance lock) (non-electric) will now be assessed for duty and taxes at $3.25/KG, as there has been no change in the valuation.
Iron or non-alloy night latch/rim lock (non-electric) will be assessed for duty and taxes at $1.30/KG.