The Directorate General of Customs Valuation Karachi has introduced new customs values for the import of Lithium batteries. A ruling issued on Tuesday outlines the updated customs values, which will be applied to the import of Lithium Ion Batteries (IP-20), Lithium Ion Batteries (IP-21), and Lithium Ion Batteries (IP-65). However, these new values do not apply to Lithium-Ion batteries meant for mobile phones, laptops, tablets, and similar devices.
The revision of customs values follows multiple representations from various stakeholders highlighting significant under-invoicing by certain importers. In response, the directorate conducted an analysis of import data, current market trends, and the discrepancies between market prices and the existing customs values. This exercise was initiated under Sections 25 and 25A of the Customs Act, 1969.
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The directorate held several meetings with relevant stakeholders to discuss the issue. A majority of the stakeholders argued that the value of Lithium-Ion batteries was being grossly under-invoiced by certain importers, considering the current market conditions and international prices. These viewpoints were considered in detail, with stakeholders being asked to submit relevant import documents to support their claims.
To determine the accurate customs values, the directorate analyzed 90 days’ worth of data and cross-checked it with available references of declared values. This scrutiny led to the determination of the new customs values for these goods.
