KARACHI: The Directorate General of Customs Valuation has determined the customs values of Liquid Paste Colorants vide valuation Ruling No.724/2015 for the first time.
According to details, numerous complaints were received regarding the under invoicing in the import of liquid paste colorants. Accordingly, an exercise to determine the custom value of the subject goods was undertaken.
It is important to mention that various meetings were held with the stakeholders including the representatives of FPCC&I and PCDMA for discussing the current international values of liquid paste colorants.
The Customs values of Liquid paste colorant (black) under PCT Code 3206.4990 is $ 2.50 of China origin, $2.75 of Taiwan origin and $3.15 of European origin. Whereas, values of Liquid paste colorant (colored) under PCT code 3204.1700 have been determined to $3.75, $4.15 and $4.70 for China, Taiwan and European origins, respectively.
DG Customs valuation has directed that in case of consignments imported by air, the assessing officer must take into account the differential between the air freight and sea freight while applying customs values.
FBR has held the representations for revision of valuation rulings until the federal budget.