ISLAMABAD - Federal Board of Revenue (FBR) has amended the Customs Rules, 2001 to declare that charges for interest under a financing arrangement entered into by the buyer and relating to the purchase of imported goods shall not be regarded as part of the customs value under certain provisions. According to the Customs notification C.No.3 (18) S (Val & Audit)/2009, dated 16th August, 2010, Federal Board of Revenue has stated that the Customs Rules, 2001, have been amended to add rule 113, after sub-rule (4), the provision whereby charges for interest under a financing arrangement entered into by the buyer and relating to the purchase of imported goods shall not be regarded as part of the customs value provided that the charges are distinguished form the price actually paid or payable for the goods; the financing arrangement was made in writing; and where required, the buyer can demonstrate that such goods are actually sold at the price declared as the price actually paid or payable; and the claimed rate of interest does not exceed the level for such transactions prevailing in the country where, and at the time when the finance was provided. The Federal Board of Revenue has, however, clarified that the provisions of clause(c) shall apply regardless of whether the finance is provided by the seller, a bank or another natural or legal person. It shall also apply, if appropriate, where goods are valued under a method other than the transaction value. Moreover, in determining the customs value of imported carrier media bearing data or instructions, only the cost or value of the carrier medium itself shall be taken into account. The customs value shall not, therefore, include the cost or value of the data or instruction provided that this is distinguished form the cost or the value of the carrier medium. Similarly, for the purpose of this sub-rule, the expression carrier medium shall not be taken to include integrated circuits, semiconductors and similar devise or articles incorporating such circuits or devices and the expression data or instruction shall not be taken to include sound, cinematic or video recordings.