KARACHI: The Directorate General of Customs Valuation has revised the customs values of copper clad laminated sheets vide Valuation Ruling No 975/2016 under Section 25-A of the Customs Act, 1969.
The customs values of copper clad laminated sheets was determined and notified vide Valuation Ruling No.821/2016, dated March 18, 2016. A number of representations were received from stakeholders for revision of the aforementioned valuation ruling as the prices of raw material have decreased internationally.
Therefore, this directorate general initiated an exercise for determination of the customs values of the copper clad laminated sheets under Section 25A in order to reflect the prevailing international prices.
A meeting for the determination of customs values of the subject goods with stakeholders was scheduled on November 24, 2016. Different stakeholders, including importers, representatives of FPCCI and KCCI, besides clearance collectorate were requested to attend. It was attended by a few commercial importers. The participants had been requested to submit documents, including invoices of imports during last three months showing factual 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 and copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
A few documents were submitted by the importers but all the requisite documents were not furnished. The importers were of the view that due to fall in the prices of petrochemical, copper and materials used for laminates have reduced significantly in the international market which has resulted in decrease in the prices of copper clad laminated sheets. During the meeting they also presented their LCs and invoices indicating values much over than the existing values in the ruling. It was also clarified during the meeting that most all import of the subject goods is from China.
The customs values of copper clad laminated sheets of China origin are fixed at $2.90 per kilogramme.
