ISLAMABAD: Directorate General of Customs Valuation Karachi has revised customs values on the import of welding electrodes from China.
According to a valuation ruling (45 of 2024) issued by the directorate, the new customs values of Welding Electrode (MS, SS, & Bronze) have been determined. The welding electrode is mainly made up of wire rod (70 percent) and blended powder Flux potassium carbonate, silicate, etc (30 percent).
The customs values of Welding Electrode (MS, SS, & Bronze) were determined vide Valuation Ruling No. 1252-2018. The Directorate initiated an exercise for fresh determination in view of the Federal Tax Ombudsman’s (FTO) recommendations to complete the process for issuance of Valuation Ruling.
During the course of meeting, the representative of M/s Shanghai Industries Ltd, claimed to be the largest manufacturer of welding electrode in the country and contested that the Valuation Ruling No. 1252-2018 was issued in the light of market survey while London Metal Bulletin is a better instrument to reach at fair value of subject goods.
Whereas, the importers argued that values may be determined in terms of market survey and not on LMB prices and single customs value may be determined for all brands of Mild Steel welding electrodes as has been done in Stainless steel and Bronze welding electrodes. They further submitted that values in internationally market also declined due to mass production, technological advancement and cheap labour in China
Meeting with stakeholders was scheduled wherein importers argued that the market prices of Welding Electrodes are much lower than the Customs Values determined in the previous Valuation Ruling. Therefore, values determined in the Valuation Ruling may be decreased. To proceed further in the matter, Ninety days’ data has also been received and same has been scrutinized, it added.
Copyright Business Recorder, 2024
Comments
Comments are closed.