High-end brands: New customs’ values on import of colour cosmetics from all origins fixed
ISLAMABAD: The Directorate General of Customs Valuation, Karachi has fixed new customs values on the import of high-end brands of colour cosmetics from all origins.
According to the valuation ruling (1809 of 2023) issued by the directorate on Wednesday, the Customs values of colour cosmetics were determined under Section 25A of the Customs Act, 1969, vide valuation ruling No1404/2019.
However, different stakeholders requested to determine customs values afresh in line with values prevalent in the international market. Therefore, an exercise has been undertaken by the directorate to determine the same.
The new valuation ruling has superseded the valuation ruling No1404/2019.
The issues pertaining to the valuation of subject goods were deliberated upon in detail in the meetings. They submitted their proposals for consideration and the same were considered pertaining to the valuation of subject goods.
Some of the importers contended that the values of some brands are on the higher side in the existing valuation ruling as compared to the prices in the international markets. Therefore, the valuation ruling needs to be revised according to the prevailing prices in the international markets.
The participants also submitted proposals in this regard. Ninety days’ clearance data has been retrieved and the same has been scrutinised. Subsequently, a market inquiry has been conducted and examined in the light of the Directorates Office Order No.17/2014.
As a result, this Directorate conducted a market survey under sub-section (7) of Section 25 of the Customs Act, 1969 wherein various wholesale and retail markets were visited to observe the actual prices of colour cosmetics of different origins.
Moreover, the valuation method under Section 25(8) of the Customs Act, 1969 was examined but, due to the non-availability of conversion cost of the Exporting country, the aforementioned method could not be applied either.
Finally, on the basis of available data/information collected and exercise conducted, the values of colour cosmetics have been determined under sub-section (7), read with Section 25(9), of Section 25 of the Customs Act, 1969.
The customs values shall be assessed on the basis of the standard packing weight/ piece given in the ruling. The items containing weight different from said weight may be assessed on prorata basis.
The new values do not apply to the imports made directly by multinational companies (such as Unilever, L’Oreal, Johnson & Johnson etc.) from their sister concern of the same name.
Such consignments shall be assessed in accordance with provisions of Section 25 of the Customs Act, 1969, and kept under close watch. Any anomaly observed may be taken cognisance of and reported to this Directorate General.
If any product is imported in the form of a GIFT SET, the same shall be assessed according to the PCT of each item, the directorate added.
Copyright Business Recorder, 2023
Comments
Comments are closed.