The Directorate General of Customs Valuation in Karachi has set new customs values for the import of 31 different types of power tools to ensure accurate duty and tax assessments.
According to a recent valuation ruling issued by the directorate, consultations with key stakeholders were held as part of the process. This move followed a detailed analysis of import data, current market trends, price variations, and customs values. The customs authorities launched this exercise for the determination of customs values for these goods under Sections 25 and 25A of the Customs Act, 1969.
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Stakeholders raised concerns about significant under-invoicing by certain importers, which they claimed could be verified using PRAL data. A market inquiry, along with a review of international price publications, confirmed that the current values are on the higher side.
