ISLAMABAD: The 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 collection of enhanced duties and taxes from the said item.
In this regard, the Federal Board of Revenue (FBR)’s directorate has issued a new valuation ruling (1805 of 2023), here on Thursday.
The customs values have been revised on the import of gasoline engine oil, diesel engine oil, motorcycle engine oil, gear oil, gas engine oil, hydraulic oil/spindle oil, ATF (Automatic Transmission Fluid), compressor oil, turbine oil, heat transfer oil and motor oil.
Import/export cargoes: FBR tightens procedures for tracking, monitoring
The existing valuation ruling was over six years old and customs values determined were not reflecting the prevailing international market. Therefore, an exercise was conducted to revise the customs values.
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. On the basis of available data/information collected and exercise 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, the ruling added.
Copyright Business Recorder, 2023
Comments
Comments are closed.