Islamabad, Dec 15: The Directorate General of Customs Valuation Karachi has issued updated customs values for cereal foods imported in bulk packaging from countries including Malaysia, Indonesia, Thailand, the USA, the UK, and Canada. The revised values, formalized under Valuation Ruling 1923 of 2024, address concerns raised by stakeholders about the disparity in customs valuations.
The initiative was launched in response to industry representations requesting the inclusion of specific customs values for cereals imported in bulk. Importers explained that these products, typically packed in 9 kg bulk packaging, are repackaged locally under domestic brands. They advocated for separate valuation to account for the unique nature of these imports.
In response, the Directorate conducted an extensive review under Sections 25 and 25A of the Customs Act, 1969. This included analyzing import data, market trends, pricing variations, and 90 days’ clearance data. A detailed market inquiry was also carried out to ensure transparency in determining the values.
The revised customs valuations are expected to streamline the assessment of duties and taxes on bulk cereal imports. These updated rates aim to reflect current market realities while addressing importers’ concerns.
The Directorate emphasized that the new values provide clarity and consistency for stakeholders, ensuring a fair customs process. This move is expected to benefit local businesses repackaging imported cereals, aligning the valuation framework with market practices and enhancing trade transparency.
The initiative demonstrates the Directorate’s commitment to maintaining an equitable and transparent customs valuation system, supporting both importers and the broader economy.
