ISLAMABAD: Directorate General of Customs Valuation Karachi has revised Customs values on the import of ride-on toy cars/bikes from China.

In this regard, the directorate has issued a ruling here on Wednesday.

The Customs values of ride-on toy car/bikes were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No 1703/2022. However, different stakeholders requested to re-determine Customs values afresh in line with values prevalent in the international market.

Therefore, an exercise has been undertaken by the directorate to determine the same.

The issues pertaining to the valuation of the 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 ride-on toy cars/bikes determined vide valuation ruling No 1703/2022 dated 07-12-2022 are higher and the same need to be revised according to prevailing international prices.

The aspect of freight cost from China was checked through websites as well as freight invoices issued for impugned goods imported from China.

The analysis showed that an increase in freight cost occurred during the last 2 to 3 years. Moreover, quantity of toys imported has declined by 3 percent after issuance of ruling of 2022. Import data analysis showed that increase in import volume and duty/taxes is negligible. Subsequently, market inquiry has been conducted and examined, which supported the stance of the stakeholders that value of ride-on toys has reduced considerably.

Finally, the Customs values of the subject goods have been determined under Section 25(9), read with Section 25(7), and Customs Rule 121(2) of Customs Rules, 2001 which provided the methods of valuation.

Copyright Business Recorder, 2024