KARACHI: The Directorate General of Customs Valuation has revised the customs value of Silicon Sealant vide Valuation Ruling No 1354/2018 under Section 25-A of the Customs Act, 1969.
According to the details, Director Customs Valuation Iqbal Muneeb has revised the Custom values of Silicon Sealant vide Valuation Ruling No. 1354/2019.
Earlier the customs values of Silicon Sealant were determined vide Valuation Ruling No. 706/2015. There were several representations from different stakeholders, wherein they contended that customs values determined in the existing Valuation Ruling are not reflective of prices in international markets therefore required to be revised in line with the prevailing prices in the international market.
Keeping in view the prevailing prices in the international markets, an exercise was initiated for re-determination of the Customs Values of the Silicon Sealant.
Keeping in view the prevailing prices in the international markets this Directorate General has initiated an exercise for determination of the Customs Values of Silicon Sealant in terms of Section 25-A of the Customs Act, 1969.
Meetings with stakeholders including commercial importers and representatives of clearance Collectorates were scheduled on 14.02.2018, 24.05.2018, 02.7.2018 and 10.9.2018 to discuss the price trends of the subject good.
The importers / stakeholders had been requested to submit invoices of imports during last three months showing customs 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.
Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate their contentions.
