Directorate General of Customs Valuation Karachi has fixed new customs values on six different types of import of Fleece Fabrics from China for accurate assessment of duties and taxes.
The directorate has issued valuation rulings on Friday. According to the ruling, the new customs values of Fleece Fabrics have been determined.
Based on thorough scrutiny of the contracts, commercial invoices, and banking documents (i.e. LCs) provided by M/s Ideas (Pvt.) Ltd, this Valuation Ruling does not apply to fleece fabrics, imported by M/s. Ideas (Pvt.) Ltd, which may please be assessed by the Collectorates under Section 25(1) of the Customs Act, 1969.
Earlier, the Customs values of Fleece Fabric were determined vide Valuation Ruling No. 1452/2020. The Directorate of Customs Valuation, Karachi received representations from stakeholders for revision of the Valuation Ruling in line with values prevalent in the international market. Therefore, an exercise was undertaken by this Directorate. to revise the same according to the current price trend prevailing in the international market.
A meeting was convened which was attended by the relevant stakeholders including M/s. Ideas (Pvt.) Ltd. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the aforementioned meeting. M/s. Ideas (Pvt.) Ltd argued that the Customs Values of Fleece Fabric determined vide previous Valuation Ruling of subject goods were exorbitantly high which were not acceptable to the importers.
They opined that their declared values are actual transactional values and, therefore, should be considered for re-determination of Customs Values. They further argued that prices of constituent material as well as Freight have shown a downward trend in recent times and the same may also be considered for the re-determination of Customs Values of Fleece Fabric.
All the stakeholders were requested to submit their import documents (Invoices, Copies of Contracts made / L.Cs, Copies of Sales Tax Invoices) corroborating their stance for further scrutiny.
The aforementioned viewpoints of importers were analyzed in detail. Import documents and data are thoroughly examined. Prices of constituent material i.e. Polyester Filament Yarn and aspect of freight are also taken into consideration in order to arrive at Customs values of fleece fabrics, the ruling added.