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Customs authorities re-determine values of polyester yarn through VR No709/2015

Customs authorities re-determine values of polyester yarn through VR No709/2015

KARACHI: The Directorate General Customs Valuation Department has re-determined the Customs values of Polyester Yarn through Valuation Ruling No 709/2015 which superseded the previous Valuation Ruling No 673/2014 of the said item.

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

It is further stated that a review petition may be filed against this issued Valuation Ruling, as provided under Section 25-D of the Customs Act, 1969 within 30days from the date of issuance before the Director General, Directorate General of Customs Valuation Department.

The authorities concerned have asked the Collectors of Customs to ensure that the values given in the Ruling is applied by the concerned staff. If any irregularity is identified the same may be brought to the notice of Directorate General of Customs Valuation for redressal.

The Valuation Ruling further stated that where declared values are higher than the Customs value determined in this Ruling, the assessing officers shall apply those values in terms of sub-section (1) of Section 25 Customs Act, 1969.

In case of consignments imported by air, the assessing officer shall take into account differential between air freight and sea freight while applying the Customs values determined through Valuation Ruling No 709/2015.