KARACHI: Director Customs Valuation Wasif Memon has revised the customs values of honey vide Valuation Ruling No.966/2016.
Directorate General earlier issued reference values for imported Honey vide Valuation Database letter No.68. It is pertinent to mention here that no valuation ruling existed at that time and the subject goods were identified as being persistently under-invoiced at import stage.
The import values were examined in the light of international prices and the local market and it was observed that import values were not corresponding to market realities. Consequent to the issuance of reference values, a number of importers of subject goods requested for determination of Custom Values of imported honey. In order to rationalize values of subject goods, an exercise was undertaken by the Directorate General of Customs Valuation, Karachi to determine the Customs Values of subject goods.