The Directorate General of Customs Valuation Karachi has revised customs values on the import of green tea from Vietnam and China keeping in view increased imports of the commodity during the current winter season in Pakistan.
In this regard, the FBR issued a valuation ruling on Tuesday.
The new values would be applicable to the green tea imported in bags of usually 25 kg or more. This is not applicable on sachets, or small cartons/boxes of Green lea marketed with brand names.
Earlier, the Customs values of green tea were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.I344/2018. The existing valuation ruling was more than four years old and M/s. Pakistan Tea Association requested to re-determine customs values afresh in line with values prevalent in the international market as the existing customs values were not reflective of the prevailing international market.
Therefore, an exercise was undertaken by this Directorate to determine the same. A meeting was convened which was attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail. They submitted their proposals for consideration and the same were considered pertaining to the valuation of subject goods.
The members of M/s. Pakistan Tea Association (PTA) contended that the values are higher in the Valuation Ruling and the same need to be revised downward at prevailing international prices. The association also submitted its proposal in this regard. According to their proposal, the price of the commodity has declined and freight has decreased.
On the basis of available data/information collected and exercise conducted, the values of green tea have been determined for assessment of duties and taxes at the import stage, FBR added.
