Values of imported artificial flowers, plants, trees revised

Business Recorder reported on October 31 that Customs Valuation Karachi has set revised customs values for artificial flowers, plants and trees imported from China. The directorate said the previous valuation ruling was six years old, while prices had shifted in domestic and overseas markets and the goods varied considerably. It began a reassessment under Section 25A of the Customs Act, 1969, with the stated aims of applying consistent valuations and protecting government revenue.

Importers and other stakeholders were invited to submit invoices and supporting records and attend valuation meetings, but none took part despite three opportunities, according to the ruling. Officials reviewed import data and documents covering the previous 90 days and conducted market surveys, which found local market prices for the items to be higher. After considering the available information and proceeding through the valuation methods in order, the directorate determined the new customs values under Section 25 of the Act.