KARACHI: The Directorate General of Customs Valuation has revised the customs value of Latex Rubber Threads Valuation Ruling No 1214/2017 under Section 25A of the Customs Act, 1969.
The customs values of ‘Latex Rubber Threads’ were determined under Section 25A of the Customs Act 1969, vide Valuation Ruling No.1019/2017 dated 24-01-2017.
Some importers approached this Directorate General with the request that the existing valuation ruling needs revision in the light of High Court of Sindh, Karachi’s judgment in C.P.No.6918/2015, dated 14-11-2015, read with Supreme Court of Pakistan’s order, dated 04-08-2016, as the current prices have decreased in the international market.
Hence, this Directorate General initiated an exercise for determination of customs values of the subject goods. 3. Stakeholders’ participation in determination of Customs values: Meetings with stakeholders were held on 12-09-2017 and 14-09-2017.
The stakeholders were requested to furnish the invoices of imports during last three months showing factual values. 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 that the benefit of difference in price is passed on to the local buyers.
The meetings were attended by different stakeholders. The local manufacturer was of the ST 044 view that there is no decline/ change in prices in the international market.
