FBR Fixes New Customs Values on Import of Lithium Batteries 

Directorate General of Customs Valuation Karachi has fixed new customs values on the import of Lithium batteries.  According to a ruling issued by the directorate on Tuesday, in view of the transaction value of specified goods, the customs values have been determined for assessment of duty & taxes. The values would be applicable on the import of Lithium Ion Batteries (IP-20); Lithium Ion Batteries (IP-21) and Lithium Ion Batteries (IP-65). The new values do not apply to Lithium-‘on batteries meant for mobile phones, Laptops, Tablets and similar devices.  The directorate received multiple representations from different stakeholders regarding massive under-invoicing of subject goods by certain importers. Accordingly, in pursuance of analysis of import data, current market trends, the difference in market prices and customs values, an exercise for the determination of customs values of subject goods was initiated under Section 25 and 25A of the Customs Act, 1969.  Multiple meetings for the determination of customs values were scheduled on aforementioned dates that were attended by the relevant stakeholders. Majority of the stakeholders contended that the value of Lithium-ion Battery was grossly under-invoiced by certain importers keeping in view the current market trends and international prices.   Their viewpoints were heard in detail in view for the determination of customs values of the subject goods under Section 25A of the Customs Act, 1969. They were requested to submit relevant import documents to substantiate their contentions. For the determination of customs values of subject goods, ninety (90) days’ data was retrieved and the same was thoroughly scrutinized. Some references of declared values were also available, directorate added.