KARACHI: Directorate General of Customs Valuation Deputy Director Rizwan Bashir has issued the reference values for latex rubber thread.
According to a statement issued by the department, the directorate general initiated an exercise to develop database values for different items wherein it had been observed that declarations were wide range and did not correctly reflect values of the items as traded in the international market.
“During the scrutiny of previous clearance data, it has been observed that Latex Rubber Thread Rubber Thread falling under PCT Headings 4007.0010/4007.0090 is being assessed at different values and certain transactions are on very low side,” read the statement.
It said that the department after carefully examination of the clearance data, also conducted market inquiries to verify the authenticity of the declarations. Online prices were also obtained to corroborate the findings of the market surveys, the statement added.
After the extensive exercise, the reference values of latex rubber thread rubber thread 30 to 40 counts of Malaysia/ Thailand were fixed at $2.5 per kilogramme, 48 to 50 counts at $2.60 per kilogramme and 51 to 90 counts at $3.50 per kilogramme.
“These values are, however, for reference/guidance only and final assessment may please be made after considering other factors which have bearing on the customs value,” the deputy director said in the notice.
The clearance collectorate may like to consider the values given above before finalizing the assessment of the subject items. If further fine-tuning in specifications and ensuing values are required, collectorate may forward a reference along with detailed justification and worksheets so that requisite adjustments are accordingly issued.
