KARACHI: The Directorate General of Customs Valuation revised the customs value of buts 1 rubber (X-Butyl RB301) & (13k1675) through Valuation Ruling No 1070/2017 under Section 25-A of the Customs Act, 1969.
According to details, the Customs values of butyl rubber (X-Butyl RB301) & (BK1675N) were circulated vide VDB letter No.187 dated 11.02.2017 and VDB letter No.112 dated 02-12-2016 respectively. It was deemed expedient to issue a Valuation Ruling hence an exercise was conducted to determine Customs values of butyl rubber ( X-Butyl R13301) & (BK1675N) in line with current price trends in the international market.
Sources said that a meeting with stakeholders was scheduled on 06-03-2017. All participants were requested to submit 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 three 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.
The meeting was attended by importers of butyl rubber. The importers contended that the prices of the subject commodity were lower in the international market as compared to the values circulated vide VDB letter No.187 dated 11.02.2017 and VDB letter No.I 1-2 dated 02-12¬2016.
One importer submitted sales contracts and commercial invoices, however, the remaining requisitioned documents were not submitted by the importers.
