KARACHI: Directorate of Customs Valuation has revised the customs values of dairy butter vide Valuation Ruling No.1050/2017.
The Directorate General had earlier conducted an audit of the clearance values of imported butter and in comparison with international trading prices and the local market selling prices, the import values were found to be on lower side.
As an immediate corrective measure this Directorate General circulated reference values vide National Valuation Data Base letter.
However, as per the policy in vogue, Valuation Database Reference values are required to be converted into Valuation Ruling for uniform applicability across the country. In this context, the Directorate General, valuation initiated an exercise for determination of customs values of imported butter.