The Directorate General of Customs Valuation Karachi has fixed new customs values on the import of walnuts and almonds from the US and Australia for accurate assessment of duties and taxes.
The directorate has issued valuation rulings number 1826 of 2023 on Monday for revision in the values on the import of the said items.
The customs values have been revised on the import of Almond Shelled (without Shell Cover) and Almond Shelled (without Shell Cover) from the US and Australia. The new customs values have also been issued on the import of walnuts form China, US and Chile/Argentina.
Earlier, the customs values of almonds were determined under section 25A of the Customs Act, 1969 vide Valuation Ruling No.1209/2017. There were several representations from importers wherein they stated that the Customs values determined in the existing valuation rulings are not reflective of prevailing international market. Therefore, an exercise has been undertaken by the directorate to determine the same.
Moreover, import data of almonds for past three financial years has been analyzed. For Pakistan, import value has declined from Rs1.77 billion (2020-21) to Rs0.68 billion during 2022-23 whereas, through Afghan Transit Trade, the import value has increased from Rs2.34 billion (2020- 21) to Rs10.07 billion during 2022-23.
In line with statutory sequential order of Section 25 of the Customs Act, 1969, the Directorate conducted market survey. Various Retail/Wholesale markets were visited to observe the actual prices of Almonds. On the basis of available data/information collected and exercise conducted, the values of Almonds have been determined, ruling added.