The Directorate General of Customs Valuation Karachi has introduced customs values for the import of old and used LCD/LED computer monitor panels to ensure accurate assessment of duties and taxes.
According to the newly issued customs valuation ruling (1849 of 2024), the import of old and used LCD/LED computer monitor panels will now have a fixed value of US$ 0.70 per inch.
This ruling comes after the Directorate of Customs Valuation, Karachi, received a recommendation from the Federal Tax Ombudsman (FTO) to determine customs values for these goods under section 25A of the Customs Act, 1969.
In response, meetings were held at the Directorate of Customs Valuation, Karachi, where data from ninety days’ worth of clearance was analyzed. It was found that certain importers were declaring values as low as US $12 per piece, which raised concerns of under-invoicing.
Despite requests for documentation to support their declared values, importers failed to provide adequate evidence. Market inquiries were also conducted, but the subject goods were not available in the market.
After examining various valuation methods, including the computed value method, it was determined that the Customs values would be established under Section 25(9) of the Customs Act, conforming with Customs Rule 121(2) of Customs Rules, 2001.
This ruling aims to ensure transparency and accuracy in the assessment of duties and taxes for the import of old and used LCD/LED computer monitor panels.
