KARACHI: Directorate General of Customs Valuation (DGCV) has revised the customs value of non-alloy steel strips.

The directorate in order to revise the customs values of non-alloy steel strips, which were earlier determined vide valuation ruling no. 1117 in 2017, held a meeting with stakeholders and requested the participants to submit the relevant documents.

During the meeting the representative of one of the biggest importers of prime quality cold rolled non-alloy steel strip from Europe and prime quality cold rolled non-alloy steel strip from China contended that the prices of the subject goods had increased in the international market. The participants submitted documentary evidence like copies of GDs, invoices and L/Cs in this regard.

Later, the directorate adopted valuation methods, transaction value method, and similar goods value method to arrive at customs value of subject goods. However, it was found that the same could not be relied upon exclusively.

Thereafter, the market inquiries under sub-Section (7) of section 25 of the Customs Act, 1969 were conducted; however, this method could not be exclusively relied upon because non-alloy steel strips was an industrial use item and not readily available in the local market. Finally, clearance data, market information and international prices through the internet were examined thoroughly and the gathered information was utilized and analyzed to determine the customs values of non-alloy steel strips under section

25 (9) of the Customs Act, 1969.

Copyright Business Recorder, 2021