KARACHI: The Directorate General of Customs Valuation has revised the customs values of natural raw rubber of different grades through Valuation Ruling No 1092/2017 under Section 25A of the Customs Act, 1969.
According to details, the Customs values of natural raw rubber of different grades were determined vide Valuation Ruling No.929/2016 dated 20.09.2016. An upward trend in the international prices of subject commodity was noticed, therefore, an exercise was undertaken to re-determine the customs values of the subject goods afresh under Section 25A of the Customs Act, 1969. Cases of provisional release under Section 81 of the Customs Act, 1969 of natural raw rubber from Bangladesh and Myanmar origins were also received from clearance collect orates and importers of subject commodity from aforementioned origins had also requested that the same be added to the fresh Ruling and have, therefore, been considered in this Valuation Ruling.
Sources said that a meeting with stakeholders was held on 17.03.2017. All the participants were requested to submit invoices of imports during last three months showing factual value, websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, copies of Contracts made / LCs opened during the last three months showing the value of item in question and copies of Sales Tax Invoices issued during last three months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
Importers of this commodity from different origins participated in the meeting. Clearance data was discussed and deliberated upon and it was unanimously agreed by the importers present that current prices of Natural Raw Rubber is the international market were more or less the same in the major exporting countries and the same had seen an upward trend.
