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DG Valuation revises customs values of natural raw rubber through VR No1257

DG Valuation revises customs values of natural raw rubber through VR No1257

KARACHI: The Directorate General of Customs Valuation has revised the customs values of natural raw rubber latex centrifuged 60% DRC through Valuation Ruling No: 1257/2018 under Section 25A of the Customs Act-1969.

The customs values of natural raw rubber latex centrifuged 60% DRC were determined under Section 25A of the Customs Act, 1969, vide Valuation Ruling No.1056/2017 dated 28-02-2017.

However, various representations were received from manufacturers, wherein they requested to the Directorate General for revision and tantalization of the existing valuation ruling, especially with reference to determination of customs values keeping in view international market trends of the subject goods.

Meeting with stakeholders was held on 08-02-2018. The stakeholders were requested to furnish invoice 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 meeting was attended by the manufacturers. They submitted their documents indicating the values of the subject items have decreased over the months considerably and shall be aligned with the prices as available in the international market. They were especially concerned with the values of such rubber being imported from Thailand.