KARACHI: Directorate General Customs Valuation (DGCV) has revised the custom value of printed/ misprinted waste paper of all sorts under section 25-A of the Customs Act, 1969.

According to the details, the Customs value of printed/misprinted waste paper of all sorts was earlier determined under section 25A of the Customs Act, 1969 vide Valuation Ruling No.1499 in year 2020. Since the Valuation Ruling was more than eighteen months old, the Directorate has decided to revise the same as per prevalent market price. Therefore, an exercise was initiated to determine the customs value of subject goods in terms of section 25A of the Customs Act, 1969.

For this purpose, all stakeholders, trade bodies and the representatives of clearance Collectorates were invited for a meeting where the point of view of the stakeholders were heard in detail to arrive at the customs value of subject goods. However, the stakeholders have failed to substantiate their claim through documentary evidences.

After adopting all methods, the Directorate was unable to determine the customs value of the subject goods that led the Directorate to conduct various market inquiries under Sub-Section (7) of Section 25 of the Customs Act, 1969. Later, the Directorate has determined the customs value of printed/ misprinted waste paper of all sorts.

Copyright Business Recorder, 2022