Govt Increases Custom Values on Import of Iron and Steel Scrap - Android

The Directorate General of Customs Valuation, Karachi, has upward revised customs values on the import of iron and steel scrap.… Read More

The post Govt Increases Custom Values on Import of Iron and Steel Scrap appeared first on .

The Directorate General of Customs Valuation, Karachi, has upward revised customs values on the import of iron and steel scrap.

In this connection, the directorate has issued a valuation ruling, here on Thursday.

According to the ruling, in the exercise of the powers conferred under Section 2S-A of the Customs Act, 1969, the Customs values of Iron and Steel Scrap (remeltable/HMS scrap/shredded scrap/re-rollable scrap and compressor scrap) are determined.

Background of the valuation issue revealed that earlier, the customs values of iron and steel scrap were determined to vide Valuation Ruling No 1455/2020.

Numbers of representations were received wherein, it was contended that the values fixed in valuation ruling using problems to importers at the clearance stage because the international market varies with demand and supply factor.

Moreover, it was also informed that prices of scrap are also published in London Metal Bulletin (LMB) for Pakistan imports and thus, to ensure transparency, fairness as well as uniformity in assessment, the value should be linked with LMB prices and freight factor be added thereon when published prices given as FOB.

Therefore, an exercise to determine the Customs values of the subject goods afresh was initiated under section 25-A of the Customs Act, 1969.

Stakeholder participation in the determination of Customs values: Meetings were held with stakeholders including the representatives of trade bodies i.e. FPCC&I and KCC&I and the Pakistan Steel Re-Rolling Mills Association. All the participants were requested to submit the required documents so that the correct customs values could be determined.

The values determined to vide this Ruling shall be the applicable Customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of Sub-Sections (1) or (3) of Section 25-A of the Customs Act, 1969.

ALSO READ

Taxes on Imported Mobile Phones Will Now be Based on This FBR List

A revision petition may be filed against this ruling, as provided under Section 25-D of the Customs Act, 1969, within 30 days from the date of issue of this ruling, before the director-general, Directorate General of Customs Valuation, Custom House, Karachi.

The Collectors of Customs may kindly ensure that the values given in this valuation ruling for the given description of goods are applied by the concerned staff without fail. Any anomaly observed may kindly be brought to the notice of this Directorate General immediately. Customs values determined in the ruling are for the description and specification as mentioned in the tables above of this Ruling.

HS Codes are mentioned for illustrative purposes, so that valuation ruling values are made accessible to the assessing officers. The assessment shall be finalized on the basis of correct classification after fulfilling requisite formalities related to import ability or any other certification required thereon.

In addition to this, it is further necessary to verify that there is no mis-declaration of any sort or violation of Import Policy Order or Section 15 of the Customs Act, 1969 or any other law in vogue therein.

The post Govt Increases Custom Values on Import of Iron and Steel Scrap appeared first on .