New Valuation Ruling for Soybean Seeds in Pakistan (2024)
| Sr. No. | Description of Goods | PCT Code | Origin | Customs Value (C&F) (USD/Kg) |
|---|---|---|---|---|
|
1. |
Soyabean Seeds (Non-GMO) |
1201.9000 |
All origins |
0.625 |
KARACHI: Directorate-General of Customs Valuation has issued updated import values for soybean seeds as Director Tahir Ali Qureshi issued Valuation Ruling No. 1910/2024 where the valuation of Non-GMO soybean seeds has been determined to be $0.625 per kilogram.
A letter from the Board included applications from the All Pakistan Solvent Extractor’s Association, which complained that their non-GMO soybean seeds were under-invoiced. The Directorate further analyzed import data, the present market scenario, and deviations between the customs value and the market prices, which gave rise to this new valuation ruling for the duty.
The main aim is to harmonize the valuation of soybean seeds, making revenue collection more precise for the government. This is expected to improve transparency and efficiency in the import valuation process, reduce problems of under-invoicing, and ensure fair trade.
Knowing Soybean Seeds
Soybean seeds are the soybean seeds from an annual legume crop, regarded as the principal source of vegetable protein and oil. Some food products in the form of vegetable oil come from this seed.
Today, there are two kinds of soybeans: GMO soybeans and non-GMO soybeans. While GMO soybeans have been genetically modified to acquire some traits, the non-GMO soybeans stay in their natural state, not having undergone genetic engineering. The difference is thus significant to consumers and producers alike and has implications that run the gamut from market demand to import valuations.
