Islamabad, Oct 13: FBR Sets New Customs Values for Imported Power Tools. For the purpose of accurately assessing duties and taxes, the Directorate General of Customs Valuation in Karachi has set new values on the import of 31 distinct kinds of power equipment.
Meetings with pertinent parties were held, according a valuation determination released by the directorate. An exercise to determine the New Customs values of subject items was started under Sections 25 and 25A of the Customs Act, 1969, in response to an analysis of import statistics, current market trends, variations in market pricing, and customs values.
The stakeholders argued that PRAL data supports the significant under-invoicing of power tools in Pakistan by specific importers. The values are on the upper side, according on market research and prices from international publications.