Customs values of spices, nutmeg revised
KARACHI: Directorate of Customs Valuation Karachi has revised the Customs values of various spices and nutmeg vide Valuation Ruling No.1350/2019. Earlier customs values of various spices and nutmeg were determined through Valuation Ruling No. 1047/2017. There were several representations from importers and clearance formations, wherein they contended that customs values determined in the existing Valuation Ruling are not reflective of prices in international markets, therefore required to be revised in line with the prevailing prices in the international market. Therefore, the Directorate General initiated an exercise for re-determination of customs values of various spices and nutmeg. Several meetings with stakeholders, including importers and representatives from field formations, were held. The importers contended that the customs values of various spices and nutmeg determined vide the exiting Valuation Ruling are high and therefore require fair revision in line with the prevailing prices in the international market.