ISLAMABAD: Directorate General of Customs Valuation, Karachi has revised Customs values on the import of cashew nuts from Vietnam and other origins.
The directorate has issued a new valuation ruling (1837 of 2023) on Friday for accurate assessment of duties and taxes on the import of cashew nuts.
After analysis, it has transpired that the total import value of cashew nuts imported into Pakistan decreased from Rs 840 million to Rs 110 million during 2020-21 to 2022-23.
New customs’ values on import of rice colour sorting machines fixed
On the other hand, in case for Afghanistan, total import value under Transit trade substantively increased from Rs 280 million to Rs 2,980 million during the same period.
Earlier, the Customs values of cashew nuts were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No 1766/2023.
There were several representations from importers wherein they stated that the Customs values determined in the existing valuation ruling are not reflective of prevailing international market.
They requested to determine the Customs values afresh in accordance with the trend of values in the international market. Therefore, an exercise has been undertaken by the directorate to determine the same. The directorate has convened meeting which was attended by the relevant stakeholders.
The issues pertaining to the valuation of subject goods were deliberated upon in detail in the said meeting. 90 days clearance data has been retrieved and the same has been scrutinised. Moreover, import data of cashew nuts for past three financial years was compared with data of Afghan Transit Trade for the same period.
The directorate has examined the computed value method, but the same also could not be applied as the conversion cost from the constituent materials and allied expenses, in the country of export, were not available for manufacturing of cashew nut. Finally, the Customs values of the subject goods have been determined, the directorate added.
Copyright Business Recorder, 2023
Comments
Comments are closed.