KARACHI: The Directorate General of Customs Valuation has revised the customs values of masterbatches through Valuation Ruling No. 786/2015.
The practice to determine the customs values of natural raw rubber was undertaken under Section 25(A) of the Customs Act, 1969.
According to the details, the customs values of masterbatches were determined under Section 25-A of the Customs Act, 1969 through Valuation Ruling No 515/2012 dated December 27, 2012. One importer namely M/s Standard Enterprises, Lahore filed a case No 6697 of 2015 before honourable Sindh High Court stating that the prices have been declined in the international market whereas their goods being assessed on the values determined in the year 2012 by Directorate of Customs Valuation.
As per the valuation ruling, masterbatch (white colour) of all origin would be assessed to value at $2.6 per kilogram, masterbatch (black colour) at $2.10/kg, while masterbatches (all other colours) of all origins would be at $4.16/kg.
In cases where declared/transaction values are higher than the customs values determined in this ruling, the assessing officer shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969.
In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs values determined in this ruling.
