ISLAMABAD: Directorate General of Customs Valuation Karachi has fixed new customs values on the import of Abrasive Products Grinding Wheel/ Grinding & Cutting Disc from China.

In this regard, the directorate has issued a new valuation ruling. The ruling said that the valuation methods specified in section 25 of the Customs Act, 1969, were duly applied in sequential order to arrive at the Customs value of Grinding Wheel / Grinding Cutting Disc. The transaction value was found inapplicable due to wide variation of values in import data.

Moreover, different values were declared by different importers for the same product according to different origins. Identical goods value method provided in Customs Act 1969 was examined for applicability to determine Customs values of subject goods. The data provided a good number of references of absolute demonstrable evidence of qualities and quantities of the same commercial level, FBR added.

Copyright Business Recorder, 2024