ISLAMABAD: The Directorate General of Customs Valuation, Karachi, has considerably increased customs values up to $15.23 per kg on the import of branded chocolate spread for assessment of duties and taxes.

Through a new valuation ruling issued on Thursday, the FBR has raised the values which would increase the price of chocolate spread in Pakistan.

According to the ruling, the values have been raised from US$2.50 per kg-US$3.15 up to US$15.23 per kg.

Background of the valuation issue revealed that the customs value of Chocolate Spread was determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No 1361/2019.

Since the valuation ruling was more than three years old, an exercise was carried out by this Directorate General to determine afresh the customs value of subject goods under Section 25A of the Customs Act, 1969.

The stakeholders of imported chocolate spread requested to issue Valuation Ruling in the light of prevailing international and local market prices for uniformity of assessment. Some of the importers submitted that their declared values are fair and may be considered at the time of fresh determination of value. However, they did not produce relevant documents in support of their contentions. The view point of all participants was heard in detail and considered to arrive at Customs Value of the subject goods.

In line with the statutory sequential order of Section 25, this office then conducted market inquiries and determined customs values of Chocolate Spread under section 25(7) of the Customs Act, 1969 accordingly.

The directorate has upward revised the customs values on the import of chocolate spread (all flavours) of Keto Dark Chocolate, Twix, M&M’s; Bounty, Disano, Maltesers, Moven Pick, Hershey’s; Cadbury, Galaxy; Nocilla, Stute; Nutella, American Kuisine, Choco hazelnut, Choctella, Tesco, and Cebe Nussa, Crunchy.

Copyright Business Recorder, 2022