The Directorate General of Customs Valuation in Karachi has revised the customs values for the import of iron pad locks with keys, specifically from China.Â
This change follows a review of the previous customs values, set under Valuation Ruling No. 14 of 2019, which had been in place for over five years.
In a ruling issued on Thursday, the Directorate explained that the outdated customs values prompted the revaluation process, which was conducted under Section 25A of the Customs Act, 1969. Meetings with stakeholders were organized in March and April 2025, but no stakeholders attended.
To address the gap, the Directorate proceeded with the revaluation by assessing actual prices in wholesale and retail markets, adjusting for profit margins and taking current market dynamics into account.
The revised customs values were finalized in accordance with Section 25(7) of the Customs Act 1969, marking the completion of the revaluation process for iron pad locks imported from China.
