FBR Amends Its Customs Values For Candies, Toffees and Confectionery Items
Stakeholders pertinent to the matter called a meeting where the concerns surrounding the subject commodities’ valuation thoroughly discussed.
Given that the values have significantly decreased, the stakeholders asked that the Customs values must determined anew using the values trend in the global market.
The clearance data for the past ninety days has retrieved and examined.
Afghan Transit Trade
Additionally, data from the Afghan Transit Trade for the same period compared with import data on candy, toffees, and confectionery items.
Following examination, it was discovered that, between 2021–2022 and 2022–2023 the entire import value of candy, toffees, and confectionery items into Pakistan fell by 90%, from US$ 3.84 million to US$ 2.02 million.
In contrast, over the same time period, Afghanistan’s overall import value under transit commerce climbed significantly from US$ 1.96 million to US$ 5.09 million (a 160 percent rise).
A market investigation, as envisioned by the Customs Act 969, also carried out, however due to fluctuations in market pricing, conclusions may not be fully obtained.
The computed value method investigated in accordance with the statutory sequential order.
But it was likewise unable to be used because the exporting country did not have the conversion cost from the constituent materials and related expenses available for the production of toffees, candies, and sugar confectionery items.
Freight Value
The freight value at the time of the preceding VR No. 1600/2022 and the existing freight values have assessed and reduced after a thorough examination of the available data and information.
The ruling further stated that the concerned commodities’ Customs values had established.
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