KARACHI: The Directorate General of Customs Valuation has revised the customs values of High Impact Polystyrene Sheets (HIPS) Valuation Ruling No: 1303/2018 under Section 25A of the Customs Act-1969.
Earlier the customs values of HIP Sheets were determined vide Valuation Ruling No.327/2011 dated 28.05.2011. As the existing valuation ruling was very old and required to be revised in line with the prevailing prices in the international market, therefore, this Directorate General initiated an exercise for determination of the Customs Values of the High Impact Polystyrene Sheets (HIPS)in terms of Section 25-A of the Customs Act, 1969.
Several meetings with stakeholders including importers and representatives from were held to discuss the current international prices of the subject goods.
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. Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate their contentions.
Reference preventatives of the clearance Collectorate attended the meetings; however, importers abstained from participating in the scheduled meetings.
Moreover no document were submitted by the importers despite lapse of considerable time. Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to arrive at customs values of subject goods. The transaction value method as provided in Sub-Section (1) of Section 25 of the Customs Act, 1969 was found.
