KARACHI: The Directorate General of Customs Valuation has determined the values of abrasive products vide Valuation Ruling No.698/2014.
Customs values of Abrasive Products were determined vide Valuation Ruling No.547/2013 dated 19.04.2013 more than a year ago. It was brought to the notice of the Directorate that the prices of abrasive products had appreciated and that Valuation Ruling for abrasive cloth of different origins may be revisited.
Thus, a redetermination Of Customs value of these goods was deemed necessary to reflect the current price trend of these goods in the international markets.
Valuation methods as ordained under Section 25 of the Customs Act, 1969 were followed to ascertain which methods were applicable to the valuation issue in hand. Transactional value method provided some reference values but was found inapplicable because sufficient information under the law was not available. Identical/Similar goods valuation method furnished unreliable values and were not found applicable. Computed Value Method could not be applied for valuation of the aforementioned goods as the cost of raw material and fabrication charges and amount of profit and general expenses in the country of export could not be ascertained.
Market survey under Deductive Value Method was conducted which provided –reference values. Consequently, Fall Back Method was the methodology adopted to determine Customs values of Abrasive Products in this case.
Customs values of abrasive products will now be assessed to duty and taxes as per the below table: