- FBR officers have been granted enhanced authority to determine customs value on the import or export of goods.
- The updated Customs Act, 1969 empowers officers under Section 25A to ascertain the customs value of goods.
- The Director of Customs Valuation has the authority to determine customs values for goods imported into or exported out of Pakistan.
- The determination process can be initiated by the Director or in response to a reference made by any person or officer of Customs.
- The Director is required to follow the methods laid down in Section 25 of the Customs Act, 1969 for determining customs values.
- The Director can consult internationally acclaimed publications, periodicals, bulletins, or official websites of manufacturers or indenters of relevant goods for determining customs values.
- The determined customs value becomes applicable for the assessment of imported or exported goods.
- In case of conflict in the determined customs value, the Director General of Valuation can determine the applicable customs value.
- The determined customs value remains applicable until revised or rescinded by the competent authority.
- This empowerment of FBR officers aligns with global best practices in customs valuation and aims to enhance accuracy and fairness in the valuation process.
- The revised Customs Act reflects the FBR’s commitment to continuous improvement in customs procedures and adherence to international standards.
- The streamlined determination process is expected to foster confidence among importers, exporters, and stakeholders, ensuring a robust and predictable customs valuation system in Pakistan.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
