FBR Fixes New Customs Values on Import of Power Tools

Directorate General of Customs Valuation Karachi has fixed new values on the import of 31 different types of power tools for accurate assessment of duties and taxes. According to a valuation ruling issued by the directorate, meetings with relevant stakeholders were conducted. In pursuance of analysis of import data, current market trends, differences in market prices, and customs values, an exercise for the determination of customs values of subject hoods was initiated under Sections 25 and 25A of the Customs Act, 1969. The stakeholders contended that there is a huge under-invoicing of power tools in Pakistan by certain importers which can be verified from PRAL data. The market inquiry and international publication prices confirmed the values are on the higher side.