The Directorate General of Customs Valuation Karachi has revised customs values on the import of Iron Wire Net/Mesh, Stainless Steel Wire Net/Mesh from China.
According to a ruling issued by the directorate, in the exercise of the powers conferred under Section 25A of the Customs Act, 1969, the Customs values of Iron Wire Net / Mesh, Stainless Steel Wire Net / Mesh have been determined.
Earlier, customs values of Iron Wire Net / Mesh, Stainless Steel Wire Net / Mesh were determined and notified vide Valuation Ruling No.877/2016 dated 27-06-2016. The Valuation Ruling was more than 5 years old, and since then prices of the said goods have considerably changed in the international market since
Therefore, an exercise was undertaken by the Directorate to determine the same. Valuation methods specified in Section 25 of the Customs Act, 1969, were duly applied in sequential order to arrive at the Customs values of subject goods.
The transaction value method as provided in sub-section (1) of Section 25 of the Customs Act, 1969, was found inapplicable due to the wide variation of values in import data. Moreover, the requisite information under law was not available to arrive at correct/transaction value. Therefore, identical/similar goods value methods provided in Sections 25(5) was examined for applicability to determine customs values.
