FBR Increases Custom Values of Raw Materials
As of March 1, 2021, the Federal Board of Revenue (FBR) has increased the customs values of the raw ingredients used to make a variety of toiletry items, including soaps, detergents, shampoos, body gel, hair creams, and cosmetics.
The customs values have increased on the import of palm fatty acid distillate (PFAD), palm acid oil (PAO), mixture of fatty acids (MoFA), residue of fatty substances (RoFS), soap and gum stock/sludge of soap stock/pitch oil/alkaline residue, and inedible animal or vegetable oils & fats, according to valuation ruling 1521 of 2021 issued by the Directorate General of Customs Valuation Karachi on Monday.
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Palm Acid Oil, Mixture of Fatty Acids (MoFA), and Residue of Fatty Substances (RoFS), PCTs 3823.1920, 3823.1990, and 1522.0010, had their customs values previously determined in accordance with section 25A of the Customs Act, 1969, through Valuation Ruling Nos. 1347/2018, 1346/2018, and 336/2011, dated respectively on December 18, December 18, and June 13, 2011.
Before or during the meeting, the attendees were asked to turn in the following paperwork so that customs values could be calculated:
- Import invoices from the last three months that include the customs value.
- websites, names, and email addresses of well-known overseas producers who can be contacted to find out the item’s current value.
- copies of contracts signed or LCs opened in the previous three months that reflect the item’s value.
- The sales tax copies invoices from the previous four months that demonstrate the price difference (minus duty and taxes) to support their claims.
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