Karachi, April 13, 2024 – In a bid to accurately determine duty and taxes at the import stage, the Federal Board of Revenue (FBR) has introduced new customs valuations for several prominent brands of potato chips, including Lay’s and Pringles.
The move, outlined in Valuation Ruling No. 1870/2024 issued by the Directorate General of Customs Valuation, aims to reflect the significant fluctuations in international potato chip prices over the past seven years.
The revised valuations, effective immediately, are as follows:
• Lay’s: $4.60 per KG
• Pringles: $4.30 per KG
• Ligo: $2.90 per KG
• Chizzpa: $4.10 per KG
• Jacker: $5.20 per KG
• Mister Chips: $3.10 per KG
• Tiffany: $4.10 per KG
• Kettle: $5.20 per KG
• Poppin: $5.25 per KG
• Kracks: $3.00 per KG
• Hunter’s: $3.50 per KG
• Other brands potato chips: $4.00 per KG
The decision to reassess the valuation of potato chips was prompted by the outdated nature of the existing valuation parameters, which were established nearly seven years ago. Recognizing the need to align with current market realities, the Directorate of Customs Valuation, Karachi, undertook a comprehensive analysis of ninety days’ worth of clearance data to recalibrate the valuation framework.
This meticulous process aimed to discern patterns and trends in potato chip imports, providing a robust basis for the revised customs values. The initiative underscores Pakistan Customs’ commitment to fairness and transparency in trade practices, ensuring that customs duties accurately reflect the true value of imported goods.
The announcement of the revised valuation ruling is expected to have widespread implications across various stakeholders. Importers will need to adjust their cost calculations to accommodate the new customs values, while traders may witness shifts in pricing dynamics. Consumers, meanwhile, may experience subtle changes in the availability and pricing of imported potato chips in the local market.
As Pakistan Customs endeavors to update its valuation framework, stakeholders are urged to familiarize themselves with the revised customs values and adhere to the new regulations. Effective communication and cooperation between customs authorities and the business community will be vital in facilitating a seamless transition to the updated valuation regime.
In essence, the revision of potato chip valuations reflects Pakistan Customs’ proactive stance in adapting to evolving market dynamics and upholding the integrity of trade practices. By aligning customs values with international standards, the authorities aim to foster a fair and competitive trading environment that benefits all parties involved.
