Thursday , June 4 2020
Breaking News
Home / Breaking News / Customs Valuation disposes of revision petition of Ruby Corporation
Customs Valuation disposes of revision petition of Ruby Corporation

Customs Valuation disposes of revision petition of Ruby Corporation

KARACHI: Customs Valuation Director General Syed Tanveer Ahmed has rejected a revision petition of M/s Ruby Corporation against Valuation Ruling No.851/2016 by issuing Order in Revision No. 261/2016.

The petitioner stated, “I would like to give reference of Valuation Ruling No 1/12/2009/IVA/1139 dated June 1, 2009 by the then Deputy Director Dr Iftikhar Ahmad of Customs Valuations. I personally met Dr Iftikhar and after a series of discussions the ruling was given in our favour.

The price determined in the current ruling is unjust. Price of LME and SMM fluctuate based on market forces and world speculation. We have seen LME as low as 1300 and as high as 3100 in the past 11 years. Hence, if the base price keeps on changing based on market trends and many other external factors and still a price fixation is imposed on the items mentioned in the ruling then it will surely lead to further malpractices.”

Director General Customs Valuation Syed Tanveer Ahmed in his order stated, “I have examined the written and verbal submissions of the petitioners as well as respondent department.

The petitioner has mainly contended that the valuation of aluminium foil sheets should be hedged with SMM or LME for assessment purposes. On the other hand, respondent department was of the view that value of aluminium sheets depends on the thickness of aluminium, the finer / thinner the foil / sheet, higher will be the value.

Thus value varies accordingly to the thickness of aluminium foil sheets, hence the proposal to hedge with SMM or LME for assessment will not solve the purpose and may create valuation dispute. The petitioner has not contested any of the categories of aluminium foil sheet mentioned in the valuation ruling and simply desired to hedge the valuation with SMM or LME which is not justified as the prices depend according to the thickness of the subject goods.

Syed Tanveer Ahmed further said, “I do not find any reason of the petitioner to disturb the existing Valuation Ruling No 851/2016, dated May 09, 2016- The petition is accordingly rejected.”