The Federal Board of Revenue (FBR) has fixed $140 Per Metric Ton (PMT) as the new customs value on the import of Afghan-origin coal through land-borders Customs stations from Afghanistan.
Directorate General of Customs Valuation Karachi has issued new valuation advice to the Collectors of Customs, Appraisement (Peshawar), Enforcement (Peshawar) & Enforcement (Dera Ismail Khan) Khyber Pakhtunkhwa (KP).
The new valuation advice revealed that the customs Value of ‘Coal’ imported into Pakistan from Afghanistan, via the land-border Customs Stations of KP has been determined.
Earlier, Customs Value of Afghan origin ‘coal’ was determined to be @ $0.083 Per kg or $83 Per Metric Ton, C&F value vide Valuation Advice No. 5551 issued by the then Director Customs Valuation, Karachi under which valuation was in-force, till-to-date.
However, a section of Pakistani coal importers has approached the directorate stating that recently, the value of Afghan-origin coal has increased substantially. Therefore, the import value of coal in Pakistan should also be revised/enhanced accordingly. Since coal is an important industrial raw material for Pakistan, it was imperative to reconsider and revise its customs value (as imported from Afghanistan).
The Directorate of Customs Valuation Peshawar, therefore, took up an exercise for this purpose, in consultation with local importers/traders of Afghan coal in KP. Detailed deliberations in this regard were held with all stakeholders.
Traders admitted that prices of Afghan-origin coal had undergone a considerable increase in recent times and therefore, its customs values for import in Pakistan should also be revised upward. Traders also appreciated the fluctuating International price trends of Coal and asserted that the revised value of Afghan coal, if any, should prevail only for a limited period, so that the same could be revised again, in due course of time, according to its changing price trends in Afghanistan.
After in-depth consideration of all relevant aspects of the matter, the import value was revised.
