KARACHI: The Directorate General of Customs Valuation has revised the customs values of phenolic resin, polyurethane resin, melamine resin, alkyd resin and epoxide resin vide Valuation Ruling No: 1278/2018 under Section 25A of the Customs Act 1969.
Earlier the Customs values of phenolic resin, polyurethane resin, melamine resin, alkyd resin and epoxide resin were determined vide Valuation Ruling No.1146/2017 on May 3, 2017.
Several representations were received from importers wherein they requested to determine the customs value of phenolic resin and epoxide resin on the basis of prevalent trends in the international market. Keeping in view the prevailing prices, the Directorate General initiated an exercise for determination of the Customs values in terms of Section 25-A of the Customs Act, 1969.
Meetings with the stakeholders including importers and representatives from clearance Collectorate were held on 13-02-2018 and 27-02-2018 to discuss current international prices of the subject items. The importers of phenolic resin requested to include origins like South Africa, Turkey etc.
They also contended that values depend on the quality and end-use cf the resin, however, could not elaborate specifications which could be incorporated in the Ruling. The importer of Epoxide Resin, requested that in the international market the value of their commodity has declined and may be adjusted accordingly. 4. Method adopted to determine Customs values: Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to arrive at customs values of subject goods.
