Customs values of coke fixed

Directorate General of Customs Valuation Karachi has issued new customs values for the import of coke breeze, semi coke and foundry coke (Pakistan Customs Tariff (PCT) heading 2704-0010 for determination of accurate customs duty at the import stage. Sources told Business Recorder here on Monday that the directorate has issued a valuation ruling for determination of customs values of 'coke' falling under the said PCT heading under section 25-A of the Customs Act, 1969.
The customs value of "coke" would be ranging between US $0.36 per kg to US $0.479 per kg, depending on the type of the item. The customs value of coke was determined vide valuation Ruling No 498/2012 dated 30-11-2012. In order to reflect the current international market prices, an exercise to re-determine the customs values of the subject goods was initiated.
The valuation methods given in section 25 of the Customs Act, 1969 were followed. Transaction value method provided in sub section (1) of section 25 was found inapplicable because the requisite information was not available. Identical/similar goods value methods provided in sub-section (5) & (6) of section 25 were examined for applicability to the valuation issue in the instant case and it was applied accordingly. The stakeholders' participation in determination of values: Meeting was held with stakeholders on 20-09-2013 and written contentions forwarded by them were scrutinised.
In cases where declared/transaction values are higher than the Customs values determined in this Ruling, the assessing officers shall apply those values in terms of sub-section (1) of section 25 of the Customs Act, 1696. In case consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs values determined in this ruling.
The values determined vide this ruling shall be the applicable customs value for assessment of subject imported goods until and unless it is rescinded or revised by the Competent authority in terms of sub-sections (1) or (3) of section 25 of the Customs Act, 1969. A review petition may be filed against this Ruling, as provided under Section 25-D of the Customs Act, 1969, within 30 days from the date of issue, before the Director General. The collectors of customs may ensure that the values given in the ruling are applied by the staff concerned without fail, sources added.