Directorate General of Customs Valuation (DGCV) has revised the customs values of Medium Density Fiber (MDF) Board under Section 25(7) of the Customs Act, 1969. According to details, the customs values of MDF Board were earlier determined under Section 25-A of the Customs Act, 1969 vide valuation ruling no.873/2016 and revised vide order in revision no.218/2016.
The Directorate has received numerous representations from importers that as the valuation ruling was very old and the prices had declined internationally, therefore, values may be re-determined in line with current values available in the international market. Therefore, an exercise was initiated in terms of Section 25-A of the Customs Act, 1969 to determine customs values of MDF Board afresh.
For the purpose, a meeting was held with stakeholders including importers, representatives from Karachi Timber chants Group and officers from field formations. The representatives of M/s Karachi Timber Merchant Group were of the view that the determined values were so high that they could not compete in the market. In this regard, they also submitted their proposals for determination of custom values of MDF board of different origins and specifications.
Thereafter, market enquiries as envisaged under section 25(7) of the Customs Act, 1969, were conducted. Online prices were also obtained to corroborate the findings of market survey. Consequently, the customs values of the MDF Board have been determined under section 25(7) of the Customs Act, 1969.