FBR Fixes New Customs Values on Import of Multimedia Projectors

Directorate General of Customs Valuation Karachi has fixed new customs values on the import of 50 different types of Multimedia Projectors including Pocket Projectors from USA/Europe. In this regard, the directorate has issued a ruling here on Friday. This Valuation Ruling superseded Valuation Ruling No. 942/2016 dated 03. 10.2016. The directorate has revised customs values on the import of 40 types of Multimedia Projectors and 10 types of Pocket Projectors. The background of the issue revealed that in pursuance of analysis of import data, current market trends, and the difference in market prices and customs values, an exercise for the redetermination of customs values of subject goods was initiated under Sections 25 and 25A of the Customs Act, 1969. The importers contended that the Valuation ruling of Multimedia Projectors needs to be revised because the impugned VR is more than eight years old and with the innovation in technology, the customs values of multimedia projectors have reduced drastically in past years. Due to significantly higher customs values of multimedia projectors in impugned VR, mis-declaration of subject goods is common. If customs values of subject goods are made fair, the import of subject goods will increase from legal channels, therefore, government revenue will increase significantly. The various wholesale and retail markets were visited and the actual prices of subject goods were acquired by adjusting the amounts of profits, the C&F value was determined under section 25(7) of the Customs Act,1969, it added.