Customs values for the import of stationery products from Europe, Japan, the US, Canada, China, and Vietnam have been reduced lower by the Directorate General of Customs Valuation in Karachi.
The Federal Board of Revenue (FBR) directorate has just published a new valuation regulation in this regard.
The Directorate has made an effort to get stationery item prices as near to real market values as possible on the global market. The valuations, which were inflated artificially to very high levels before, have now been adjusted nearer to the real market prices. Now, imports of stationery products from various nations are anticipated to take into account the real transactional values.
The Customs values of stationery items were established in accordance with Valuation Ruling No. 1598/2022 and Section 25A of the Customs Act, 1969. With instructions to re-determine the customs values of the subject commodities under Section 25A of the Act, particularly in accordance with the current international prices, the Valuation Ruling was annulled by Order in Revision No. 47/2022 under Section 25D of the Act. In light of the aforementioned, the Directorate General of Customs Valuation undertook an exercise to redetermine the customs values of the relevant commodities in accordance with Section 25A of the Customs Act.
Many interested parties, including representatives of trade organizations, importers, and representatives of clearance collectorates, attended a meeting. All participants were asked to provide the required paperwork so that accurate customs values could be calculated.
M/s Dollar Industries and others opposed the increase of customs values at the conference and suggested keeping them steady. The importers supported a reduction in revision. Those who support keeping them static or revising them lower contend that the current values are mostly on the upper side and that, if at all, the variation in raw material costs used to make stationery goods like pencils, pens, markers, crayons, oil colors, writing inks, etc. is minimal. They add that since students and the impoverished majority use the majority of the subject goods on a regular basis as necessary educational stationery, it would not be acceptable to unnecessarily raise their prices.
Although the data offered some references, it was discovered that they could not be relied upon exclusively. Therefore, it was determined that the information was inaccurate. The directorate conducted market investigations for employing deductive value procedures under subsection (7) of Provision 25 of the Customs Act in accordance with the statutory sequential sequence of that section. The Court further said that in order to ascertain the customs values of the in question commodities, reliance on sub-section (7) of Section 25 of the Customs Act was required.
The FBR further said that the high-end brands are not covered by this Valuation Ruling.