ISLAMABAD: Directorate General of Customs Valuation Karachi has revised customs values on the import of iron pad locks with keys from China.
According to a ruling (2002 of 2025) issued by the directorate on Thursday, the customs values of lron Pad Locks determined vide Valuation Ruling No.14 of 2019. The existing Valuation ruling is more than 05 years, therefore, an exercise has been initiated by this Directorate to re-determination of Customs values under Section 25A of the Customs Act, 1969.
The meetings with stakeholders were scheduled on March 27, 2025 and April 22, 2025. No stakeholders attended the meeting. Keeping in view previous valuation ruling is over five years old, the Directorate has initiated an exercise for re-determination of customs values in light of the prevailing dynamics based on international/local market price.
Various wholesale and retail markets were visited and the actual prices of subject goods were acquired and by adjusting the amounts of profits. Finally, Customs values of Iron Pad Locks have been determined under section 25(7) of the Customs Act 1969, ruling added.
Copyright Business Recorder, 2025
