- Pakistan’s Customs Department issued a new ruling to determine the customs value of sunflower seeds.
- The ruling is applicable immediately and establishes assessment criteria for duty and taxes on sunflower seeds imports.
- The Customs Department analyzed import data, market trends, and pricing differences before issuing the ruling.
- The ruling aims to ensure uniformity in customs valuation and prevent under-invoicing of sunflower seeds.
- The authorities reviewed ninety days of clearance data and scrutinized price variations before finalizing the customs value.
- Sunflower seeds imported from the USA and Europe will be assessed at a customs value of 0.62 dollars per kg.
- Sunflower seeds imported from other origins will have a valuation of 0.30 dollars per kg.
- A 7 percent reduction in customs value will be admissible for sunflower seeds imported via land routes, provided actual land freight charges are accounted for.
- In cases where declared values exceed the set customs valuation, the higher value will apply.
- For air cargo shipments, the cost difference between air and sea freight will be included in the valuation assessment.
- The customs authorities will monitor the implementation of this ruling, and any discrepancies should be reported immediately.
- Pakistan’s move to regulate the customs valuation of sunflower seeds reflects efforts to maintain transparency and fair trade practices.
- The government aims to curb tax evasion and stabilize the market for sunflower seeds, benefiting both importers and domestic consumers.
- This ruling will remain effective until revised or rescinded by the Customs Department.
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.
