Assessable Customs value of MG vehicles raised by 14.5%

The Federal Board of Revenue (FBR) has reportedly increased assessable customs value of MG vehicles by 14.5 percent from $ 11,632 per unit to $ 13,314 per unit by using ‘Fall Back Method’ as provided under section 25(9) of the Customs Act, 1969.

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Official documents reveals that pursuant to the directives of FBR conveyed through Model Customs Collectorate of Appraisement & Facilitation (East), Karachi’s letter of February 17, 2021 an audit of the importer M/s JW SEZ (Private) Limited, Lahore was initiated regarding phenomenon of underinvoicing in import of MG HS vehicles imported by M/s JW SEZ (Private) Limited and supplied by M/s SAIC Motor International Co., Ltd., China in the backdrop of alleged invoicing scam.

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