ISLAMABAD: In order to effectively address the issue of misinvoicing at the import stage, Directorate of Valuation, Karachi has implemented LIVE (Linking International Values) System to cross-check declared values with latest price data of different commodities.
Sources told Business Recorder that the LIVE would provide current price data of different commodities and goods from reputed international publications, enabling Assessing Officers to cross-check declared values and to re-assess in case of variations.
To this effect, another publication, ie, BOPP Sealing Tape - Global Market Insights and Sales Trends 2024, issued by QY Research regarding Colourless BOPP Packing Tape has been retrieved and made the basis for determination of Customs values of Colourless BOPP Packing Tape in Jumbo Rolls.
New customs’ values for different paper items fixed
In order to confirm the veracity of claims of both the importers and the local manufacturer regarding the value of this item, the directorate sourced relevant industry Report from the internationally accredited Database/Source, ie, QY Research.
As per this report, the two largest manufacturers of the said goods are M/s Fujian Youyi Group, China and M/s Yongguan Adhesive Products, China, which are also the largest suppliers of BOPP Colourless Tape in Jumbo Rolls to Pakistan.
Furthermore, prices of major raw materials for manufacturing of Colourless BOPP Tape, ie, BOPP Film and Butyl Acrylate have been obtained and processing cost is learnt to get a fair idea of manufacturing cost of BOPP Transparent Tapes, which reveals the current prices of the major raw materials as well as the manufacturing cost structure of the said goods in the following ratio: Raw materials (82%), manufacturing expenses (13%) and labour cost (5%).
Moreover, freight values from China to Pakistan at the time of issuance of previous Valuation Ruling and Exchange rate fluctuations from US$ to Pak rupee have been duly considered for issuance of fresh Valuation Ruling. The above said research report had played a crucial role in understanding the dynamics of the above said industry and value determination of the said item, they added.
Copyright Business Recorder, 2024
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