KARACHI: The Directorate General of Customs Valuation has revised the customs value of Synthetic Rubber “SBR” & “NBR” through Valuation Ruling No 1091/2017 under Section 25A of the Customs Act-1969.
Customs value of Synthetic Rubber (SBR & NBR) was determined vide Valuation Ruling No.912/2016 dated 22.08.2016. An upward trend in the international prices of subject commodity was noticed therefore an exercise was undertaken to re-determine the customs value of the subject goods afresh under Section 25A of the Customs Act-1969.
A Meeting with stakeholders was held on 17.03.2017 which was attended by commercial importers as well as local manufacturers of tyres. All the participants were requested to submit copy of G.D & invoices of imports during last three months showing factual value, website names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained, copy of Contract or any other document through which price has been finalized with the supplier of the goods, copy of L/Cs and contract made during the last three months showing the values of the item in question and copy of Sales Tax invoices issued during last four months showing the difference in price passed on the local buyer.
Both commercial importers and manufacturers of tyres concurred that the prices of synthetic rubber had increased in the international market.
No requisitioned documents were submitted by any of the stakeholders.