The Directorate General of Customs Valuation Karachi has updated the customs values for imported keychains and parts from China, specifically targeting low-end and unpopular brands.Â
The revision comes as part of an effort to ensure uniform assessment of duties and taxes, according to a new valuation ruling issued by the directorate.
Previously, the customs values for keychains and parts were established under Valuation Ruling No. 1109/2017, issued on March 22, 2017. However, as the existing ruling was more than seven years old, the directorate initiated a review under Section 25A of the Customs Act, 1969, to reflect current market conditions.
Despite issuing meeting notices to stakeholders, no representatives participated in the review process. Consequently, the directorate conducted an independent assessment using customs clearance data, market surveys, online price trends, and international valuation references to determine the updated customs values.
The ruling states that these newly assessed values will now serve as the minimum customs benchmark for keychains and related parts, ensuring consistency in import taxation.Â
The revised valuation was determined under Section 25(7) of the Customs Act, 1969, after analyzing data from both domestic and international markets.
