Directorate General Customs Valuation (DGCV) has revised the customs values of various spices and nutmeg under sub-section (7) of the section 25 of the Customs Act, 1969. According to details, the customs values of various spices and nutmeg were earlier determined through valuation ruling no 1047 in 2017.
There were several representations from importers and clearance formations, wherein they contended that customs values determined in the existing valuation ruling were not reflective of prices in international markets. Therefore it has required to be revised in line with the prevailing prices in the international market.
Keeping the said in view, the Directorate has initiated an exercise for re-determination of customs values of various spices and nutmeg under section 25-A of the custom Act 1969. For the purpose, several meetings with stakeholders including importers and representatives from field formations were held where importers said that the customs values of various spices and nutmeg determined vide the exiting valuation ruling were high and required fair revision in line with the prevailing prices in the international market.
The importers of various spices and representatives from Pakistan Kiryana Merchants Association (PKMA) and field formations, who attended the meetings, said the values of different spices especially black pepper and white pepper had reduced in the market and therefore, the existing ruling needed to be rationalized accordingly.
The PKMA also submitted proposals regarding the values of subject goods and requested for the early issuance of the notification as the importers were suffering hardships during assessment due to high customs values. The Directorate after using all relevant methods - valuation method, transaction value method, identical goods value method and deductive value method determined the customs values of various spices and nutmeg under sub-section (7) of the section 25 of the Customs Act, 1969.