The Directorate General of Customs Valuation Karachi has revised Customs values on the import of Paraffin Wax and Calcium Carbide from China, Qatar, Taiwan, and the Middle East.
In this connection, the directorate issued a valuation ruling on Monday.
Earlier, the Customs values of Paraffin Wax and Calcium Carbide were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1603/2022. However, different stakeholders requested to re-determine Customs values afresh in line with values prevalent in the international market. Therefore, an exercise was undertaken by the Directorate to determine the same.
The issues about the valuation of subject goods were deliberated upon in detail. The importers contended that the values are higher in the Valuation Ruling and same need to be revised downward at prevailing international prices. They also submitted proposals in this regard. Ninety (90) days’ clearance data was also retrieved and scrutinized.
In cases, where declared values are higher than the Customs values determined in this Ruling, the assessing officers will apply those values in terms of sub-section (1) of Section 25 of the Customs Act, 1969. In the case of consignments imported by air, the assessing officers will take into account the difference between air freight and sea freight while applying the Customs values.