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huge amount of more than Rs300 billion of Federal Board of Revenue (FBR) is stuck-up in appeals that is also a tax demand, while less than Rs100 billion is the actual number of refunds which the Board has to reimburse. Federal budget 2017-18 will
be people-friendly, in which no new taxes will be levied. These views were expressed by soft spoken Federal Board of Revenue Chairman Dr Muhammad Irshad in an exclusive interview with Customs Today. Irshad said that the Board is targeting nonNilers in order to make them Nilers besides broadening of tax net has become the Board’s main objective. He said that due to the recent surge in imports, current account deNicit has widened and there is an
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urgent need to increase local productivity, enhance exports and the shift in the strategy would help reduce current account deNicit. In reply to a question, the FBR chairman said that the teams of chief commissioners and chief collectors are free to raid wherever they identify large scale tax evasion; however, FBR ofNicials have been strictly instructed to follow the due procedure. “We have, however, brought about a major change in our strategy. The parties in question would be informed about the discrepancies and invited to settle the difference or explain.” “In case they don’t take our intimation seriously, then we will have no other option but to raid to collect the tax liability due to the party evading taxes,” the chairman explained.
Businessmen owe FBR Rs300b; actual refunds are Rs100b: Dr Irshad
Government initiates revaluation s t ud y o f G D P : I s h a q D a r
North collectorate focusing on big taxpayers by facilitating & expediting
Swiss bank account spying case raises German ire
Peshawar ASO seizes non duty paid goods Rs1.85b in last six months
A huge amount of more than Rs300 billion of Federal Board of Revenue | See pAge 01 |
Dar has said that the govt has initiated a study on revaluation of the GDP | See pAge 02 |
For maximizing the revenue collection, the chief collector north’s policy is to focus | See pAge 04 |
German politicians have reacted angrily to reports that Switzerland planted | See pAge 07 |
The Customs ASO Peshawar in last six months seized smuggled items of Rs1.85 b | See pAge 08 |
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NAB hands over cheques to KP govt PESCO Monday May 15, 2017
Business
PESHAWAR: The Director General NAB Khyber Pakhtunkhwa, Brig ® Farooq Naser Awan handed-over cheques amounting to Rs 4.834 million to Government of Khyber Pakhtunkhwa and Peshawar Electricity Supply Company (PESCO) in a graceful ceremony held at NAB (KP), here on Thursday. Federal government through Provincial Govt had announced compensation to victims of D.I. Khan blast and different amount of compensations were fixed for deceased and injured.
govt initiates revaluation study of gDp: Dar ISLAMABAD
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inance Minister Senator Mohammad Ishaq Dar has said that the government has initiated a study on revaluation of the GDP as many sectors were currently not fully recorded in the national accounts. The Ninance minister informed the cabinet meeting on ‘Budget Strategy Paper 2017-2020’ chaired by Prime Minister Muhammad Nawaz Sharif. The Ninance minister said that the government would aim to achieve 6 percent of economic growth and enhance efforts to increase revenue generation in the budget 2017-2018. The
pak-Turkey fTA to be signed on Aug 14 ISLAMABAD
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meeting was also informed about the government’s resolve to provide incentives to the farmer community for enhancing agriculture productivity. It was apprised that the prime minister’s agriculture package has yielded
cpec: fiber optic cable project to be completed next year
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akistan and Turkey’s Free Trade Agreement (FTA) will be signed on August 14, for enhancing the bilateral trade between two countries. The seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey would be held by the end of current month in Turkey to finalize the agreement, a senior official of Ministry of Commerce. Pakistan and Turkey will also discuss specific sectors including textile sector during the negotiation.
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positive impact on the agriculture output as demonstrated by bumper crops of sugar-cane, wheat and maize. Prime Minister Muhammad Nawaz Sharif said that the focus of the next year’s budget would be on achieving
higher, sustainable and inclusive growth. He directed the Cabinet members to accord priority to the areas under their domain that could lead to improved economic growth and generate additional employment opportunities. He said that the Government is determined to increase investments in both human and physical infrastructure. In this regard, highest priority would be accorded to increase in development budget and poverty reduction. He said that the time has come for the nation to reap the beneNits of the economic policies of the Government. The Prime Minister asked members of the Cabinet to suggest measures which would discourage Hundi and other informal channels for money transfers leading thereby to increased foreign remittances through regular channels.
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he China Pakistan Economic Corridor (CPEC) project for laying fiber optic cable from Rawalpindi to the bordering city Khunjraab is likely to be completed by next year. The 820-kilometer long Pakistan-China fiber optic cable project would be completed at a cost of $44 million. According to official sources, after completion, it would add a digital component to the China-Pakistan Economic Cor-
ridor (CPEC) project. The network would link Pakistan with rest of the world through China. Further, it would also reduce Pakistan’s dependency on submarine cables that are often damaged, disrupting internet services in the country. The project is being built by the Special Communication Organisation (SCO) in collaboration with China’s Huawei, sources added. The sources said that one of the aims of the project was to establish a safe route for voice-trafNic between the two countries. The foundation stone for the cable was laid in May, 2016. Around
18.2km portion of the Niber optic cable would pass through federal capital, 466km from Gilgit Baltistan, 280km from Khyber-Pakhtunkhwa, and 47km from Punjab. Meanwhile, PML-N leader Muhammad Moeen Wattoo said has said that Prime Minister Nawaz Sharif has taking revolutionary steps for a developed Pakistan and to strengthen economy of the country, analysts said. Talking to Radio Pakistan, he said that PML-N does not believe in the politics of using bad language against its opponents; rather it is committed to serve them with sincere efforts.
pTDc expect 50% increase in domestic tourism ISLAMABAD
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akistan Tourism Development Corporation (PTDC) Managing Director Chaudhry Abdul Ghafoor on Friday said that PTDC was expecting 50 percent increase in domestic tourism during the current season. He said that tourist traffic to Murree, Galiyat, Ayubia, Kaghan and Swat valley have considerably increased during 2016 and 2017, adding that tourists are now visiting new destinations like Gilgit, Hunza, Fairy Meadows, Rama Lake, Chitral, Kalash and Shandur valleys as well. Managing Director said that the projects being started under public private partnership programme would further improve tourism industry in the country. He said PTDC is operating its bus service to various tourists destinations of the country to facilitate tourists during summer vacations. He said PTDC would launched summer tour packages soon and announced special rates for its hotels, motels and resorts situated in most attractive tourists place in the country. PTDC would announced 40% discount on accommodation in its Ayubia and other resorts during the holy month of Ramazan approaching fast.
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Automobile companies shown interest to invest in country: Boi Dg MULTAN
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oard of Investment (BoI) Director General Shahjahan Shah said that world’s renowned automobile companies had shown interest in making investment in the country. In a meeting with Acting President Multan Chamber of Commerce and Industry (MCCI) Bakhtawar Tanweer A Sheikh, for-
mer president Main Mughees A Sheikh and other industrialists, he said talks were underway with manufacturers of Renault, Audi, Hyundai, and KIA automobiles. He said foreign investment was on the rise in Pakistan due to prudent policies of the government and companies already assembling automobiles in the country would have to introduce modern vehicles at lower prices in the wake of competition following the investment from
the other automobile companies. The DG BoI said the government had a vision of attracting foreign direct investment worth US$15 billion by 2020 and added that achievement of this target would become reality following completion of China Pakistan Economic Corridor (CPEC). Shahjahan Shah said the government had introduced some Nilters to ensure that whoever sets up industry or shift it to Pakistan, would have to produce most mod-
ern and environent friendly products matching international standards. Their standard must be above the standard of locally manufactured products and most of it would be exported, he added. He said the Special Economic Zone Board (SEZB) of Punjab government send applications to BoI for establishment of new industrial zones and asked the MCCI to send application through SEZB if they want to get industrial zone set up in
this area. He also advised industrialists to convey their problems to the BoI and promised efforts to get them resolved. Shahjahan Shah disclosed the government was also preparing proposals to facilitate those interested in starting small businesses. He said Pakistan was going to hold two international road shows to attract foreign investment by highlighting opportunities and beneNits attached to investment in the country.
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For maximizing the revenue collection, the chief collector north’s policy is to focus on the big taxpayers by facilitating and accelerating their assessments. This was stated by Chief Collector North Sarwat Tahira Habib while giving an exclusive interview to Customs Today at her ofNice. She said that to meet the upcoming revenue collections, the north region is trying to focus on serious business importers so far except border stations of the KPK. The chief collector said the overall target of north region’s achievements is as per expectation. She added that the Model Customs Collectorate (MCC) Islamabad achieved 101 percent of Customs Duty against the assigned target whereas the MCCI got 100% All Duty Taxes against its total target of April FY16-17. The Model Customs Colletorate Gilgit-Baltistan (GB) achieved 148 percent Customs Duty (CD) and the GB collected 152 % CD against the assigned all duty taxes target up to April FY2016-17. Tahira Habib said that due to recent enhancement of targets by the Federal
Board of Revenue (FBR), north region is taking this target as a challenge and teams at the MCC Islamabad and GilgitBaltistan are expediting their efforts to do the job assigned by the department. She said she has speciNically also taken measures to achieve the given target by June 2017. Answering a
query, she said to facilitate the CPEC related trade running, the north region has posted more ofNicials and staff at the MCC GB. She stressed the need for tasking more staff with undertaking upcoming infrastructure project in Gilgit-Baltistan including the building of new Customs House in Gilgit and a trade facilitation centre at Sost. Side by side, the northern region is also working on the development of new infrastructure for simplifying the procedure and business in the border regions. Replying to another question about the Customs Station Torkham, the chief collector north said apart from the construction of Customs House Torkham under s m the ITTM programme o t s u odel c assisted by the ADB, M d e e v h e at t chi h a t state-of-the-art bord d a e b a dd islam S he a inst der complex is being ) a c g c a M ut y ate ( D r constructed at s o t i m c to cc colle the M of cus Torkham to improve s t a n e e r c er s t whe the facilities for 101 p nst it t a rg e d e n s agai clearance of goods g e i x s s a a T the laden trucks crossing l D ut y 6-17 0% Al il fY1 0 r 1 p t A border to Afghanistan o f g o t e t a rg and CARs. total
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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore
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Dilemma of new loans
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he government is banking its economic policies on greater financial assistance from the world donor agencies, including the Asian Development Bank to achieve 7 percent growth in the gross domestic product during the next fiscal year.Finance Minister Ishaq Dar is on forefront in knocking one door after the other to get loans, a financial strategy introduced by the Pakistan People’s Party government to run the country’s affairs. The loans are piling up, but growth is lagging behind hardly five percent which is one of the lowest in the region. Under the infrastructural financing package of the bank, the government is currently receiving $2 billion a year and the learned finance minister seeks the donor agency to add another $500 million to it.It is very difficult to understand who told the government policymakers that loans are better than investment. Though some pseudo economist regard foreign investment as another ‘cruse’, but the loans are even the worst option as it leaves the country in the quicksand of debts. No one is able to tell the nation why loans are the only option, the lion share which always goes to undisclosed destinations. No doubt the foreign loans are a necessity in certain situations, but the economy based on loans will be like a house of cards. Why the government agencies fail to understand that they are mortgaging the nation to foreign institutions which have emerged as the new colonialists of the modern era. Providing loans is the business of the international financial institutions and they are ever ready to extend loans. The trouble is that they attach strings with the approval of loans. Loans under tough conditions only add to burden on the already under pressure economy. The ADB has committed $1.2 billion for the National Disaster Risk Management and $200 million has already been received by the country. The officials, on the other note, spend millions of rupees hard earned taxpayers’ money on foreign tours to meet the officials of the donor agencies. The finance minister is looking to hold multilateral meetings with officials of the ADB, Asian Infrastructure Investment Bank and Japan International Cooperation Agency to seek further assistance. No one knows when the financial managers will be able to prove their mettle.
Moody’s new rating I
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Dr AfTAB AfZAL
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n its annual credit analysis of the Pakistan’s economy, Moody’s has given the current government a B3 rating with a stable outlook. B3 is one of the lowest investment rating with likelihood of default and assigned to a security. A security with a B3 is considered speculative. Ironically, B3 rating is being regarded in positive sense which is given to the Pakistan’s economy by the rating agency on account of ‘strong economic growth and reduction in Niscal deNicits’. Moody’s Investors Service has claimed that the strong growth performance, reduction in Niscal deNicit and im-
proved inNlation dynamics underpinned the government’s B3 rating with a stable outlook. However, counting the negative aspects of the economy, the agency notes the government is facing the challenges of high general debt burden, weak physical and social infrastructure, a fragile position of external payments, and high political risk. It says the government weighs on debt affordability due to narrow revenue base, because inNlow of exports and remittances have slowed down and capital goods imports have risen. This has resulted in renewed pressure on the external accounts. The agency notes the prospects for growth have improved after successful completion of a threeyear Extended Fund Facility pro-
gramme of the International Monetary Fund and the construction of China-Pakistan Economic Corridor. Despite low revenue base and fall in the amount of remittances sent by the expatriate Pakistanis, the corridor project has the potential to modernize the economy of Pakistan. The CPEC project is the game changer and development of infrastructure will transform and stimulate the economy by inNlow of both local and foreign investment. However, renewed pressure on the external accounts and lack of Niscal consolidation have curtailed the rating, said the ratings agency. According to a senior ofNicial of the rating agency, implementation of economic reforms and increased inNlow of foreign investment have brought macroeco-
nomic stability to some extent and has been pushing the growth in the gross domestic product since 2013. However, pressure on the external accounts continued due to piling up debts. The stable outlook means upside and downside risks to the sovereign credit proNile. The support from lending agencies has upgraded foreign currency reserves of the country and has fostered progress on economic reforms. The international rating agencies off and on Nires warning shots. Instead of struggling for local and foreign investment, the government banks all its hopes on new loans from donor agencies. May be the nation is still unprepared to absorb the changing perspective of the national economy.
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Japan ready to revive TPP deal without U.S. Monday May 15, 2017
World
BAGHDAD: Jordanian Industry Minister Ya’rub al-Qudhat announced that agreement was reached with the Iraqi authorities to exempt Jordanian products from customs. The Jordanian side will provide Iraq with the total capacities of the Jordanian factories by next May, 2017, he added.”Jordan will abide with the Iraqi agricultural calendar in the supply of agricultural products”, the minister elaborated. Meanwhile, Qatari telecom operator Ooredoo reported a 51 percent fall in third-quarter net profit on Sunday.
Swiss bank account spying case raises german ire
2 customs officers injured in vehicle crash during chase AMMAN
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erman politicians have reacted angrily to reports that Switzerland planted a spy in a regional Ninance ministry to Nind out how it obtained details of secret Swiss bank accounts, days after police arrested another man also suspected of spying. The Sueddeutsche Zeitung newspaper and broadcasters NDR and WDR reported that the Swiss Federal Intelligence Service (FSI) had a mole in the North RhineWestphalia (NRW) finance ministry who was searching for details of German tax investigators. On Friday last week, German police arrested a 54-year-old man suspected of trying to Nind out how German states had obtained CDs with details of secret Swiss bank accounts set up by Germans to evade tax. “The
Mail to build 248 cold storage facilities across country he Ministry of Agriculture, Irrigation and Livestock (MAIL) are to build 248 cold storage facilities, with the capacity of storing up to 50,000 tons of agricultural products, across the country. The project will cost at least $40 million USD and will come from the ministry’s development budget, said Ahmad Shekib Omar, the MAIL’s project manager of cold storage facilities. He said that eight of the cold storage facilities would have a particularly large capacity of a total 40,000 tons and the project would take two years. “Eight cold storage facilities will be built in six provinces including Kabul, Kandahar, Kunduz, Balkh, Herat and Nangarhar in order to keep agricultural products of these provinces (fresh),” Omar added. –CB Report
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Swiss government will also have to answer some questions on whether they placed a spy inside the Ninancial administration and to what purpose,” Schulz said in a version of the interview available on SRF’s website. Schulz’s party is the junior coalition partner of Chancellor Angela Merkel’s conservatives and he will stand against her in elections later this year. The Swiss government said the federal police had asked the FSI in 2011 to help with an investiga-
tion related to stolen data CDs in Germany, the “normal way to proceed in a criminal investigation when police cooperation and international judicial assistance are not possible”, government spokesman Andre Simonazzi said in an e-mail statement. The Swiss government was informed in 2011 by then Defence Minister Ueli Maurer, who is now Finance Minister, of FSI’s activities that ended in 2014, Simonazzi said, declining to comment further.
Taiwan Mobile Q1 profit up 5%, revenue slightly declines
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aiwanese operator Taiwan Mobile saw its net income grow 5 percent year-on-year to TWD 3.96 billion in the Nirst quarter of 2017. Revenues slightly declined by 1 percent year-on-year, plunging 6 percent quarter-on-quarter, to TWD 28.84 billion for the three months to 31 March 2017. EBITDA was Nlat year-on-year at TWD 8.44 billion. Fourth-quarter mobile service revenue fell 2 percent yearon-year to TWD 16.02 billion, while telecom service revenue also declined
2 percent to TWD 17.17 billion. Taiwan Mobile’s mobile subscriber base slightly declined to 7.38 million customers at 31 March 2017 from 7.43 million users at end-2016 and 7.43 million in the Nirst quarter of 2016. The operator also had 581,000 payTV subscribers at the end of the Nirst quarter of 2017, down from 588,000 users in the year-earlier period. Taiwan Mobile ended March 2017 with 205,000 cable broadband customers, up 3 percent year-on-year. –CB Report
wo anti-smuggling personnel of the Customs Department were injured on Saturday when their vehicle overturned while chasing a car with contraband near Aqaba, the department said. OfNicial spokesman Col. Imad Nseir said a customs patrol chased the “suspicious” car, which was coming from Aqaba, after its driver refused an order to halt. He said the driver left the vehicle and tried to Nlee on foot, but was captured by another patrol and the contraband seized. The spokesman said the two ofNicers were lightly injured and transferred to a hospital, where they were listed in a good condition. Meanwhile, The recent decision by Egypt to impose a 12,000 Egyptian pound fee (JD472.8) on each tonne of exported Nish will have dire
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consequences for the local Jordanian market, according to a food expert. In a recent move, Egyptian authorities decided to impose taxes on the country’s Nish exports for several months, in a bid to balance the hike in the commodity’s prices following an increase in the volume of Nish exports. “The decision includes Jordan, which imports fresh and saltwater Nish from Egypt. The new move will increase prices of Egyptian Nish, which constitute 30 per cent of the Nish in the local market, by 15 to 30 per cent,” Foodstuff Traders Association President Khalil Haj TawNiq told media report. He noted that the imposed taxes will increase price of freshwater Nish, which is mainly consumed by Egyptians in Jordan, by JD0.7 per kilo, which he said will affect the sale price, and in turn the demand. Haj TawNiq said the Ministry of Trade and Industry promised to discuss the issue with the Egyptian authorities this week in an attempt to secure the Kingdom’s exemption from the decision.
Singapore to be Lng bunker-ready by 2020 ingapore has emerged as the preferred Asian liqueNied natural gas (LNG) trading hub, according to a survey Nirm Deloitte. A poll of senior energy sector leaders found that four out of Nive voted Singapore as the country most likely to become the Asian LNG trading hub in the next Nive to 10 years. The poll was conducted at the Nirst annual Energy Trading Summit which was organised last week in Singapore. Mark Edmunds, Deloitte oil and gas AsiaPaciNic regional leader, said, “Singapore’s world class reputation as a commodity trading hub makes it an obvious choice. Trading infrastruc-
ture and institutional structures are in place, and the country has a strong trading talent pool and strategic geographic location all factors supporting the development of LNG trading capability.” In addition to this, survey respondents identiNied Australia, Qatar and the United States as the top three LNG exporters to Asia in Nive years. Notably, LNG is famously called the fuel of the future due to its environmentally friendly characteristics. Its zero sulphur content and relatively low levels of nitrogen oxide emission mean that LNG outperforms other conventional marine fuel on a local emissions basis. –CB Report
Declining cargo revenue Q1 story for iAg and Af-kLM
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BAGHDAD
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eclining cargo revenue was the story for Nlag-carriers on both sides of the Channel, as Air France-KLM and IAG released Nirst-quarter results for 2017. AF-KLM’s cargo revenue fell 5.4%, year-on-year to €504m ($550m). At
IAG, the decline over the three-month period was smaller, albeit from a lower starting point, dropping 2.3% to €256m. Attempting to tackle dwindling volumes, the Franco-Dutch group reduced capacity by 1.1%, including a signiNicant 14.8% cull of its freighter Nleet. However, while this mitigated much of the drop, volumes fell beyond this year-on-year, by 1.3% to 272,000 tonnes. Conversely, IAG in-
creased cargo tonne km 3.6% compared with 2016, but only managed to pull in an additional 0.6% tonnes of cargo to take it to 171,000 tonnes. For IAG, the period to March marked a second successive year of revenue decline for the quarter, with this year’s drop almost a whole percentage point lower than last year’s 1.5% drop on 2015. The carrier experienced a rocky end to the Nirst three months of 2017,
with then head of cargo Drew Crawley suddenly announcing his resignation at the beginning of April, just over a year into the job. Mr Crawley did not move far though, taking over as chief executive of the group’s loyalty programme, Avios. Company veteran of 25 years Lynne Embleton has replaced him, moving from her role as managing director of British Airways at Gatwick.
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Sara-e-Muhajir FIU impounds non duty paid Nissan X FAISALABAD: The Customs Intelligence and Investigation Field Investigation Unit (FIU) Sara-e-Muhajir has impounded a non duty paid foreign origin Nissan X trail in joint operation. The market value of seized vehicle is Rs45,00,000 involving customs duty and taxes Rs52,11,900. Sources told Customs Today, that Customs Intelligence team received credible information through Assistant Director Syed Ittrat Hussain regarding non duty paid vehicles which are plying on the roads.
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peshawar ASo seizes non duty paid goods rs1.85 billion in last six months PESHAWAR nADir kHAn
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he Customs Anti Smuggling Organization Peshawar in last six months seized smuggled items of Rs1.85 billion up to April 2017 in 43 different crackdowns. According to Deputy Collector Anti Smuggling Organization the organization seized 22 vehicles of Rs480 million, 21 vehicles US/16 worth of Rs300 million, cloth of 111829 yards worth of Rs44 million , currency worth of Rs107920, arms and ammunition worth Rs30,000. The Anti Smuggling Organization also recovered tea of 1492 kilograms of Rs40,779648 tyre and tube worth of Rs1.9 million, auto parts of worth of Rs 20 million, liquor of Rs 912,500, mobile oil of Rs10,22,5500, grease of Rs16,200, gold of Rs10.2 million, fake cigarette of 4600 dandas of worth Rs33.3 million, electronic goods of Rs10.9 million, antiques of Rs1.8 million, pirated CDs of Rs0.9 million. Likewise the organization also carried out raids for illegal scrap and recovered items worth of Rs0.4 million. They also recovered blankets Rs1.3 million transported ille-
gally to Pakistan. Medicines worth of Rs2.6 million, Pan Parag of Rs3.17 million, Gutka all brand Rs2.4 million, toiletries Rs3.8 million, gener-
ators of Rs3.73 million. Besides this they also recovered mobile phones worth of Rs7.4 million, chars of Rs10.4 million and
opium worth of Rs7.3 million. The Anti Smuggling Organization Customs House Peshawar are constantly raiding deferent ware
house on ring roads, Karkhano market and Jamrud and making significant recovery of contrabands from these ware houses.
Dg Valuation revises customs values of lawn tennis balls KARACHI
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he Directorate General of Customs Valuation has revised the customs values of lawn tennis balls through Valuation Ruling No 1149/2017 under Section 25-A of the Customs Act, 1969.According to details. The customs values of lawn tennis balls were determined under Section 25A of the Customs Act,
1969 vide Valuation Ruling No.1046/2017 dated 15-02-2017. Some importers Niled Revision Petitions under Section 25-D of the Customs Act, 1969, before the Director General of Customs Valuation, which have been remanded back by the Director General vide Order-in-Revision No.327, dated 12-04-2017. Hence this Directorate General initiated an exercise for determination of customs values of the subject goods. Meetings with stake-holders held on 24-04-2017 and 2-05-2017. The stakeholders were requested to furnish invoices
of imports during last three months, showing factual value as well as websites, names and email addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained. They were also asked to submit copies of contracts made or LCs opened during the last three months showing the value of item in question as well as copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the beneNit of difference in price is
passed on to the local buyers. During the meetings the stakeholders, reiterated their submissions made in the revision petitions Niled against Valuation Ruling No.1046/2017 dated 15-02-2017. However, they did not furnish any corroboratory document in support of their contention. Method adopted to determine Customs values: Valuation methods given in Section 25 of the Customs Act, 1969 were followed to arrive at customs value of lawn tennis balls. Meanwhile, The Directorate of Customs Valuation has revised the customs values of sili-
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cone dioxide and iron oxide vide Valuation Ruling No.1151/2017. Silicone dioxide and iron oxide were selected for determination of customs values due to vide variation in declared and assessed values. An exercise was initiated to determine the customs values of the goods for uniform applicability. Customs values of silicone dioxide (non-pharmaceutical grade) under PCT 2811.2200 of China/India are Nixed at $1.10/kg, of Germany at $1.70/kg. Customs values of iron oxide red under PCT 2821.1010 of china 1.06/kg.