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ISLAMABAD: The Directorate General of Customs Valuation Karachi has set new customs values for the import of 31 distinct types of power equipment to calculate taxes and duties.
On Saturday, the directorate announced the decision on valuation. In order to determine the applicable taxes and levies, the FBR has classified the power tools into three distinct groups.
- Category A: Power tool brands such as Bosch, Makita, Hitachi, AEG Dewalt, Black & Decker, Milvnikee, Hyundai, and Daewoo Siemens are referenced in the values.
- Category B: The power tool brands whose values are stated are Inge, Total, EM top, Goacheng, Doncheng, Sancan, Jadewar, Crown, Boda, DCA, Uyus Tools, SMT, Wilm, Hoteche, Roney, Prescote, Energiser, and Wadfow.
- Category C: Values given are for other low-end brands.
According to the decision, an effort to find out the customs values of goods was started under Sections 25 and 25A of the Customs Act, of 1969. This was done after looking at import data, current market trends, and differences in market prices and customs values.
Stakeholders noted that, according to statistics from Pakistan Revenue Automation Limited (PRAL), some importers in Pakistan are underpricing power tools. However, global pricing publications and market inquiries suggest that the actual values are higher.
