KARACHI: The Directorate General of Customs Valuation has revised the customs values of shoe adhesives through Valuation Ruling No 1004/2017 under Section 25A of the Customs Act, 1969.
According to details, the Customs values of shoe adhesives were earlier determined through Valuation Ruling No. 431/2012 on January 16, 2012.
The Valuation Ruling No. 431/2012 dated 16.02.2012 was more than four years old, therefore, an exercise was undertaken to re-determine the customs values of shoe adhesives in terms of Section 25-A of the Customs Act, 1969 with a view to reflect the current prices of these items prevailing in the international market.
Sources said that all the stakeholders including commercial importers and representative of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) was held on 08.12.2016 and 20.12.2016 to discuss the current international prices of the subject item.
They stated that shoe adhesives are being imported in two forms i.e. rod/stick form and liquid form having large difference in unit values. They further stated that same value is being applied on import of rod/stick form and liquid form which is required to be bifurcated and separate value may be issued for each type of shoe adhesive.
The view point of all participants was heard in detail and considered to arrive at Customs values of shoe adhesives. Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to address the particular valuation issue at hand.