Customs’ values on import of lubricating oils increased

ISLAMABAD: The Directorate General of Customs Valuation, Karachi has increased customs values on the import of 42 types of lubricating oils from China, Turkey, Korea, and the Middle East for collection of enhanced duties and taxes from the said item.

In this regard, the Federal Board of Revenue (FBR)’s directorate has issued a new valuation ruling.

The customs values have been revised on the import of gasoline engine oil, diesel engine oil, motorcycle engine oil, gear oil, gas engine oil, hydraulic oil/spindle oil, ATF (Automatic Transmission Fluid), compressor oil, turbine oil, heat transfer oil and motor oil.

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The existing valuation ruling was over six years old and customs values determined were not reflecting the prevailing international market.

Therefore, the lubricating oils specified shall be assessed to duty/taxes at the new customs values, the ruling added.