Customs Valuation issues three more guidelines

KARACHI: Directorate General of Customs Valuation has circulated three valuation guidelines for the notice of all formations about the prevailing international price trend of several importable goods.

Directorate General Customs Valuation Syed Tanveer Ahmed has tasked Directorate of Customs Valuation to issue guidelines of importable goods. Since, it takes a lot of research and verifications, the weekly off on Saturdays of the directorate is also suspended. The team issuing guidelines comprise Additional Collector Imran Sajjad Bukhari and Deputy Collector Rizwan Bashir and others.

As per internationally acclaimed journal ‘Public Ledger’ the values of big cinnmomum/cassia as of July 22, 2016 vary from $1.65/kg to $2.3/kg for different origins. As per internationally acclaimed journal ‘Public Ledger’ the values of Nutmeg as of July 22, 2016 vary from $7.6/kg to $11.5/kg for different origins. As per internationally acclaimed journal ‘Public Ledger’ the values of Tej Patta as of July 22, 2016 vary from $1.1/kg for different origins. Market surveys were also conducted to corroborate the findings of the Ledger.

DG Valuation has advised all collectorates that goods mentioned above may not be assessed lower than values reflected above and to ensure mis-declaration is curbed by corroborating the values reflected in public ledger.

These values are however for reference only and final assessment may be made after considering factors which have bearing on the customs values.

Chairman Nisar Mohammad Khan has advised all the collectorates and directorates to keep strict monitoring of the transactional values of imported goods and their proper assessment in order to ensure that government revenue is not lost through under-invoicing.

Bookmark the permalink.

Comments are closed.