KARACHI: The Directorate General of Customs Valuation revised the customs value of hot melt adhesive glue stick/granules/chips and pellets through Valuation Ruling No: 1027/2017 under Section 25-A of the Customs Act, 1969.
According to details, the customs values of Hot melt adhesive glue stick/granules/chips and pellets were earlier determined vide Valuation Ruling No: 739/2015 dated June 2, 2015. Representations were received from commercial importers for determination of customs value of hot melt adhesive glue stick/granules/chips and pellets afresh.
Hence, existing valuation ruling which is over one and half years old is required to be revised in the light of the Sindh High Court’s orders dated November 10, 2015 in Constitutional Petition No: D- 6918/2015.
Since 90 days have passed and representations were received from commercial importers regarding values determined in above mentioned valuation ruling, an exercise was initiated to re-determine the values of hot melt adhesive glue stick/granules/chips and pellets in the light of international price trend in terms of Section 25-A of the Customs Act, 1969.
A meeting with all the stakeholders including importers, local manufacturers and representatives from clearance Collectorate was held on January 12, 2017 to discuss the current international prices of the subject item. The commercial importers stated that the prices of subject items are showy in2 down ward trend in the international markets.
The view point of all participants was heard in detail and considered to arrive at Customs value of for hot melt adhesive glue stick/granules/chips and pellets.
Sources said that the Valuation methods provided in Section 25 of the Customs Act, 1969 were duly followed and applied sequential to address the valuation issue at hand. Transaction value method provided in Sub-Section (I) of Section 25 was found inapplicable because it is generally known to all that majority of invoices produced at import stage are manipulated/fabricated and hence the requisite information required under the law was not available to arrive at the correct transaction value.
