KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected a revision petition filed by M/s Forte Pakistan Pvt Ltd seeking revision of Valuation Ruling No.936/2016.
M/s Forte Pakistan (Pvt) Ltd., the manufacturer of Rubber Foam Insulation in Pakistan filed revision petition against the Valuation Ruling No.936/2016 and stated that the impugned Valuation Ruling was issued in their absence and issued under-valued arbitrarily in absence of lawful justification for undue benefit to the commercial importers.
He further stated that the impugned valuation ruling has been framed in clear disregard to the legal dictates on various customs laws and dis-obedience to the sequential methods as provided under the law. He contended that no documentary evidences have been provided to the stakeholders / manufacturers, neither any calculation of methods nor any opportunity provided to the applicant before issuance of Valuation Ruling.
They suggested that values of Rubber Foam Pipe should be determined around $7.0/kg to $8.0/kg instead of $3.15/kg to $4.15/kg notified in the impugned Valuation Ruling No.936/2016.
The Department was asked to conduct fresh market inquiry through impartial team comprising of two officers to know the genuine and factual position. The Team conducted market inquiry and worked out the prices by work-back value method ranging from $3.40/kg to $4.25/kg which is equal to the customs values determined in the impugned Valuation Ruling No.936/2016.
It reflects that at the time of issuance of impugned Valuation Ruling, market inquiry was conducted in fair and transparent manner after conducting market inquiry and analyzing the import data.
Syed Tanveer Ahmed inferred that customs values have been determined in proper manner after conducting market inquiry and analyzing the import data and all other relevant information. Therefore, Valuation Ruling No.936/20I6, is maintained and revision petition is rejected.