The Directorate General of Customs Valuation in Karachi has revised the customs values for the import of Cashew Nuts, also known as Kaju, originating from Vietnam.
The new valuation ruling, numbered 1836 of 2023, was issued on Friday to ensure a more accurate assessment of duties and taxes related to the import of Cashew Nuts.
The customs values for Cashew Nuts were previously determined under Section 25A of the Customs Act, 1969, as per Valuation Ruling No.1766/2023. However, several importers raised concerns, stating that the existing customs values did not accurately reflect the prevailing international market conditions.
In response to these representations, importers requested a fresh determination of customs values in alignment with the trends observed in the international market.
To address these concerns, the Directorate undertook a comprehensive exercise, actively involving stakeholders in the determination of customs values. A meeting was organized on October 31, 2023, where relevant stakeholders actively participated in discussions.
During the meeting, detailed deliberations took place on the valuation of Cashew Nuts, considering the representations from importers. The Directorate conducted a thorough analysis, utilizing ninety (90) days’ clearance data and analyzing the import data of Cashew Nuts for the past three financial years.
Furthermore, a comparative analysis was performed by juxtaposing the import data for Cashew Nuts with data related to Afghan Transit Trade for the same period.
The analysis revealed significant insights. The total import value of Cashew Nuts into Pakistan witnessed a notable decrease, dropping from Rs. 840 million to Rs. 110 million from fiscal year 2020-21 to 2022-23. In contrast, Afghanistan experienced a substantial increase in the total import value under Transit trade, soaring from Rs. 280 million to Rs. 2,980 million during the same period.
These findings led to the revision of customs values, reflecting the dynamic nature of the market and ensuring a more accurate assessment of duties and taxes related to the import of Cashew Nuts.
Importers and stakeholders are advised to take note of these changes to comply with the updated customs regulations.
