KARACHI: The Directorate General of Customs Valuation has revised the customs values of latex rubber threads vide Valuation Ruling No: 1275/2018 under Section 25A of the Customs Act-1969.
The customs values of latex rubber threads were determined under Section 25A of the Customs Act, 1969, vide Valuation Ruling No.1214/2017 on September 27, 2017 and followed by VDB No. 250/2018 on January 17, 2018.
However various representations were received wherein they requested the Directorate General for revision and rationalisation of the existing valuation ruling in the light of transactional values prevailing in the international market.
The stakeholders were requested to furnish the documents before or during the course of meetings. Invoice of imports during the last three months, were showing factual values of the product, websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained was also called.
Copies of contracts made / LCs opened during the last three months were showing the value of item in question. Copies of sales tax Invoices issued during last four months were showing the difference in price (excluding duty and taxes) to substantiate their contentions.
The meeting was attended by certain stakeholders. Importers were of the view that downward trend in prices has occurred and submitted documents in support of their claim.
Valuation methods given in Section 25 of the Customs Act, 1969 were followed to determine customs value of Latex Rubber Threads. Transaction value method provided in Section 25 (1) was found inapplicable owing to vide variations in declarations and certain incomplete description/information.
