RECORDER REPORT

KARACHI: Directorate General Customs Valuation (DGCV) has revised the customs values of galvanised razor wire under subsection (9) of section 25 of the customs Act, 1969.

According to details, the directorate has received a number of representations from stakeholders that values of razor wire being declared to customs were incorrect transaction values and needed remedial action.

Therefore, an exercise for determination of customs values of galvanised razor wire under section 25-A of the customs Act, 1969 has been initiated.

For the purpose, meetings with stakeholders were held in July and September 2018.

During meeting, the stakeholders including importers contended that increasing in price would adversely affect their business.

However, other stakeholders were of the view that there were fluctuations in the current market prices and it would be prudent to determine customs values.

The Directorate has also adopted valuation methods, transaction value method and identical/similar goods valuation methods but the same could not be exclusively relied on due to variations in the declared values of the subject goods.

The office then conducted market inquiries using deductive value method under sub-section (7) of the section 25 of the customs Act, 1969.

The online available information was also checked.

Later, all the available information was analysed and evaluated subsequently the customs values of iron or galvanised razor wire are determined under subsection (9) of section 25 of the customs Act, 1969.