The Directorate General Customs Valuation has issued new determination of customs values of Tyres & Tubes under section 25-A of the customs act, 1969. This Valuation Ruling supersedes Valuation Ruling No. 659/2014 dated 29-03-2014 and its corrigendum dated 01-04-2014.
Through its valuation ruling No.812/2016 dated 28th January 2016 the Director said the values of Tyres & Tubes hereinafter specified, shall be assessed to duty/taxes on the customs values mentioned against them as Annex-“A” (Page 01 to 07), which forms integral part of this Valuation Ruling along with following conditions:-
If a radial tyre is imported which is not covered in this Ruling and whose specifications are similar to normal tyre except for being radial, such tyres may be assessed at 25% higher than the normal tyre.
Where only tyres are imported, other than tubeless, deduction of 5% shall be allowed on Ruling value.
Value of tyres with different “Ply” shall be assessed by adding or subtracting from the determined value @ 5% Per Two Ply Rating.
Discount of 5% is admissible for import of Tyres & Tubes through Land Route on C&F values determined by this Directorate General.
In cases where declared/ transaction values are higher than the Customs values determined in this Ruling, the assessing officers shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs values determined in this Ruling.
The values determined vide this Ruling shall be the applicable Customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of Sub-Sections (1) or (3) of Section 25-A of the Customs Act, 1969.
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, before the Director General, Directorate General of customs Valuation, 7th Floor, Custom House , Karachi.
-Published on page#14, February-2016 edition of MOBILE WORLD Magazine