Directorate General of Customs Valuation Karachi has increased customs values on the import of 42 types of Lubricating Oils from China, Turkey, Korea, and the Middle East for accurate assessment of duties and taxes.
In this regard, the Federal Board of Revenue’s (FBR) directorate issued a new valuation ruling (1804 of 2023) on Wednesday.
In line with the statutory sequential order of Section 25 of the Customs Act, 1969, the directorate conducted a market survey under subsection (7) of Section 25 of the Customs Act, 1969. Various Retail/Wholesale markets were visited to observe the actual prices of Lubricating Oils. Based on available data/information collected and exercises conducted, the values of Lubricating Oils have been determined under sub-section (7), read with Section 25 (9), of Section 25 of the Customs Act, 1969.
Therefore, the lubricating oils specified shall be assessed to duty/taxes at the new customs values.