KARACHI: The Directorate General of Customs Valuation has revised the customs value of EPE liner/PE foam sheet/ seal wads vide Valuation Ruling No 1327/2018 under Section 25-A of the Customs Act, 1969.
According to the details, it was brought to the notice of this Directorate General that values of EPE liner/ seal wads are being declared to Customs at much lower values than the current international values. Verification by Directorate General Customs Valuation re-affirmed this stance. A reference was also received from Board’s vide letter C. No. 3(26)Tar-1/2017 dated 28-05-2018, regarding determination of customs values of EPE liner/ seal wads. Keeping in view the prevailing prices of the subject items, Directorate General Customs Valuation initiated an exercise for determination of the Customs values of EPE liner/ seal wads in terms of Section 25-A of the Customs Act,
Stakeholders including importers and representatives from field formations on 31-07-2018 and 06-09-2018 to discussed the prices of the subject goods. The importers / stakeholders had been requested to submit invoices of imports during last three months showing customs 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.
Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate their contentions.
During the meetings the stakeholders agreed that some unscrupulous elements are declaring the unit value below the value of raw materials and contended that the customs values may be determined in the light of price trend in the international markets. The view point of all participants was heard in detail and considered to arrive at customs value of the subject goods.
