ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new customs values on the import of shoe polish with tin/plastic pack and shoe polish in liquid from China and Turkey.
A new valuation ruling issued on Wednesday revealed that previously the customs values of shoe polish were determined vide Valuation Ruling No. 1744/2023.
Several representations were received in this Directorate to re-determine customs values of the said goods afresh in line with the values prevalent in the international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.
The issues pertaining to the valuation of subject goods were deliberated upon in detail in the afore-referred meeting. The stakeholders submitted their proposals and the same were considered pertaining to the valuation of subject goods.
The importers contended that the Customs values of Shoe Polish are on a higher side as compared to the prices in the international markets. Therefore, the existing Valuation Ruling needs to be revised downwards according to the prevailing prices in the international markets.
The participants also submitted proposals in this regard. Ninety (90) days’ clearance data has been retrieved and the same has been scrutinized. The available data / information collected was thoroughly scrutinized and freight values at the time of previous valuation ruling No. 1744/2023 and prevailing freight values have been examined.
Copyright Business Recorder, 2024