Customs Board Can Set Tariff Values for Goods Under Section 14(2), Affecting Duties on Oils, Metals, and More.
The Customs Manual 2023 outlines that the Board has the authority under Section 14(2) of the Customs Act, 1962, to set "Tariff Values" for goods, which are used to calculate ad valorem duties. These values are determined based on the value trends of similar goods and must be published in the official gazette. Currently, tariff values are established for items such as various types of palm oils, soybean oil, brass scrap, poppy seeds, areca nuts, gold, and silver.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.