Directorate General of Customs Valuation Karachi has withdrawn a valuation ruling relating to the imposition of the regulatory duty on the export of reclaimed/re-melted lead from July 7, 2021.
According to a new valuation ruling issued by the directorate, Customs Values on exports of reclaimed/re-melted lead were determined vide Valuation Ruling no. 543/2013 dated 12-03-2013, for levy of regulatory duty.
A representation was received from M/s METPAK Industries (PVT) Ltd. to rationalize the values of said metal in light of the current market because the ruling is more than eight years old.
Accordingly, an exercise was initiated to re-determine customs values of subject terms, in terms of section 25-A of the Customs Act.1969. Meetings with stakeholders including exporters, manufacturers, representative’s trade bodies, and federations/chambers were held to discuss the current international prices.
The stakeholders did not submit the required supporting documents in this regard. They further stated that there is no export of subject goods, therefore, there was no need for any Valuation Ruling.
The exports data was checked and no exports for the subject goods were found since 2019. The point of views of MCC Export Custom House in Karachi and Port Qasim was also sought, wherein MCC Port Qasim reported that no export has ever taken place from the Collectorate, whereas MCC Custom House suggested that VR may be withdrawn provided the same is considered to be re-issued if exports take place in future.
In view of the above, the Valuation ruling No.543/2013 dated 12-03-2013 is hereby withdrawn. The Collectorates are advised to assess the goods, if exported, under section 25 of the Customs Act 1969.
The Collectorates are, however, required to monitor the price trends of the commodity closely and remain vigilant during the assessment so as to prevent any revenue leakage. If at any time, the clearance Collectorates observe distortions regarding values, they may send a reference to the Directorate General of Customs Valuation for issuance of a fresh Valuation Ruling under section 25-A of the Customs Act.1969, the ruling added.