ISLAMABAD: Directorate General of Customs Valuation Karachi has revised customs values on the import of green tea from Vietnam and China.

According to a valuation ruling issued on Tuesday, the new values would be applicable on the green tea imported in bags of usually 25kg or more. This is not applicable on sachets, or small cartons/ boxes of green tea marketed with brand names.

Earlier, the Customs values of green tea were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No1344/ 2018. The existing valuation ruling was more than four years old and M/s Pakistan Tea Association has requested to re-determine Customs values afresh in line with values prevalent in the international market as the existing Customs values were not reflective of the prevailing international market.

Therefore, an exercise has been undertaken by this Directorate to determine the same. Stakeholders’ participation in the determination of Customs values: Meeting was convened which was attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail. They submitted their proposals for consideration and the same were considered pertaining to the valuation of subject goods. Analysis/ exercise done to determine Customs Values: The members of M/s Pakistan Tea Association (PTA) contended that the values are higher in the Valuation Ruling and the same need to be revised downward at prevailing international prices.

The association also submitted their proposal in this regard. According to their proposal, the price of the commodity has declined and freight has decreased. Ninety days’ clearance data has also been retrieved and the same has been scrutinised.

Copyright Business Recorder, 2023